_____ is a measure of the total satisfaction derived from consuming a quantity of some good or service
a. Disutility
b. Diminishing marginal utility
c. Total utility
d. Marginal utility
e. Ordinal utility
c
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Unions have generally been far more successful in organizing and raising wages in skilled trades such as carpentry than in unskilled trades. Use the laws of derived demand to explain why
What will be an ideal response?
If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of these.
The price elasticity of demand equals 1:
A. whenever the slope of a straight-line demand curve is less than 1 in absolute value. B. at the midpoint of a straight-line demand curve. C. whenever the slope of a straight-line demand curve is greater than 1 in absolute value. D. whenever the slope of a straight-line demand curve equals zero.
How many and what fraction of the world's people live in advanced economies? In emerging market and developing economies?
What will be an ideal response?