The sum of the utilities from each possible outcome of a situation weighted by the probability of that outcome is known as
A. marginal utility.
B. expected utility.
C. total utility.
D. expected value.
Answer: B
You might also like to view...
Three firms agree to operate as a monopoly and charge the monopoly price of $100 for their product and (jointly) produce the monopoly quantity of 20,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ______
A) $1,300,000 B) $3,900,000 C) $3,000,000 D) $1,000,
A budget surplus is defined as:
A. a shortfall of revenues compared to expenditures. B. accumulated surpluses minus accumulated deficits. C. accumulated deficits minus accumulated surpluses. D. a shortfall of expenditures compared to revenue.
According to some economists, the protection granted to infant industries should be
a. terminated after one year. b. for new firms that eventually would develop significant economies of scale in their production processes c. restricted to firms that face little competition d. based on current absolute advantage e. permanent
_____ are elements of fiscal policy that automatically change in value as national income changes
a. Statistical discrepancies b. Exchange rates c. Budget deficits d. Automatic stabilizers e. Supply-side shocks