Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Ariel Courage is an experienced editor, researcher, and former fact-checker.

William Baumol writes in "Economics: Principles and Policy" that the total monetary utility of a collection of goods to a consumer is equal to the largest amount of money the consumer will pay in ...

Total utility is the aggregate satisfaction that a consumer receives through the consumption of a goods or services. Total utility is often compared to marginal utility, which is the satisfaction a ...

Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. Erika Rasure is globally-recognized as a leading consumer economics ...

It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.