THE AMOUNT OF  DERIVED FROMSCARCITY THE CONSUMPTION OF A EXTRA UNIT OF A PRODUCT IS CALLED MARGINAL UTILITY True False

The statement "The amount derived from scarcity the consumption of an extra unit of a product is called marginal utility" is True.

Explanation

Marginal utility refers to the additional satisfaction or benefit derived from consuming one more unit of a good or service. It is a fundamental concept in economics that illustrates how consumers make decisions about the allocation of their resources. When the consumption of an extra unit of a product provides some utility, it reflects the basic principle of scarcity—where as more of a good or service is consumed, the amount of satisfaction gained from the additional units typically decreases. This diminishing marginal utility is an important factor in understanding consumer behavior and demand.