Final answer:
The scenario where the total utility of a good is high while the price is low typically indicates that the good is plentiful. The law of diminishing marginal utility explains that the first units of a good provide more utility, but this utility decreases with additional consumption.
Step-by-step explanation:
If the total utility of a good is high while the price of the good is low, it is likely that the good is plentiful. In economic terms, total utility refers to the overall satisfaction or benefit a person gets from consuming a good or service.
According to the law of diminishing marginal utility, as a person consumes more units of a good, the additional utility from each new unit decreases. This means the first units consumed provide more satisfaction relative to the latter ones, which is why marginal utility diminishes over time with increased consumption.
The scenario in the question suggests that the good provides high satisfaction (high total utility) at a low cost, which is common for goods that are abundant. The low price likely reflects a high supply relative to demand, thereby suggesting that the good is plentiful.