A utility function is:
A. an equation for calculating the most utility a particular person can derive.
B. an equation for calculating the total utility that a particular person derives from consuming a particular good over a particular time period.
C. an equation for calculating the total utility that a group of people derive from consuming a particular good.
D. an equation for calculating the total utility that a particular person derives from consuming a particular combination of goods and services.
D. an equation for calculating the total utility that a particular person derives from consuming a particular combination of goods and services.
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Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's capital at the end of the year is ________ mowers
A) 10 B) 30 C) 27 D) 33 E) 20
In a diagram with the total cost curve and the total variable cost curve, as output increases, the vertical distance between these two curves
A) is constant. B) decreases. C) increases. D) gets smaller and then bigger again.
Discouraged workers are discouraged because
A) their employers continue to underpay them. B) they are working part-time, but they want full-time work. C) they don't have jobs and are pessimistic about their chances of finding a suitable job. D) their employers are too demanding.
Changes to the price level affect consumers’ purchasing power; therefore, it will most likely impact their
A. purchases on credit. B. remittances. C. wealth. D. disposable income.