Marginal utility is defined as the
a. extra satisfaction the consumer receives from an extra $1 of income
b. total satisfaction a consumer receives consuming goods
c. difference between total satisfaction and the extra satisfaction a consumer receives consuming a good
d. extra satisfaction a person derives from consuming an additional unit of a good
e. ratio of the utility a good provides to the price of that good, i.e., MU = U/P
D
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An increase in expected future income increases ________
A. consumption expenditure, which increases current aggregate demand B. investment, which increases current aggregate supply C. the demand for money, which decreases current aggregate demand D. future consumption expenditure and has no effect on current aggre-gate demand
Given the information in the table above, Foreign's opportunity cost of widgets is
A) 0.5. B) 2.0. C) 6.0. D) 1.5. E) 3.0.
Explain why the marginal product of labor shown in Moe’s Production Function with One Variable, Labor, is higher with two employees than it is with six.
What will be an ideal response?
The law of demand implies that:
What will be an ideal response?