The concept based on the assumption that we get bargains on each unit we purchase until the last one is called
A. total utility.
B. consumer surplus.
C. marginal utility.
D. the law of diminishing marginal utility.
B. consumer surplus.
You might also like to view...
When a country's import spending exceeds export spending, the country is experiencing a:
A) trade deficit. B) trade surplus. C) budget deficit. D) none of the above.
The union participation rate in the United States is
a. highest among government employees b. highest among private sector workers c. highest in the smokestack industries d. highest in the service sector e. higher than in Sweden
In Cuba, all the economic decisions are taken by the government. This implies that Cuba has a _____
a. command economy b. market-oriented economy c. barter economy d. mixed economy
The quantity of raspberries sold at a local store increases from 100 pints to 1,500 pints when the price is reduced from $4.00 to $1.00. In this situation, the absolute price elasticity of demand for raspberries is approximately
A. 4.3. B. 6.7. C. 0.69. D. 1.46.