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MARGINAL UTILITY: The additional utility, or satisfaction of wants and needs, obtained from the consumption or use of an additional unit of a good. It is specified as the change in total utility divided by the change in quantity. Marginal utility indicates what each additional unit of a good is worth to a consumer.

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UTIL

A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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