The term utility refers to the:
a. usefulness of a good in relation to its scarcity.
b. necessity of a good.
c. price of a good.
d. number of goods a consumer has.
e. pleasure or satisfaction a consumer receives upon consuming a good.
e
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Spending on programs that Congress authorizes ________ is known as discretionary spending
A) after approval from the Federal Reserve B) on an off-budget emergency basis C) by prior law D) on an annual basis
Refer to the accompanying figure. If this economy were currently operating at point D, then in order to make more movies:
A. the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk. B. no productive resources would need to switch from making milk to movies because point D is already efficient. C. the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk. D. no productive resources would need to switch from making milk to movies because each resource should continue to be used according to its comparative advantage.
A local restaurant offers an "all you can eat" Sunday brunch for $12. Susan eats four servings, but leaves half of a fifth helping uneaten. Why?
A. Her marginal value of a serving of brunch has fallen below $12. B. Her marginal value of a serving has fallen below $2.36 ($12 divided by 5 servings). C. Her marginal value of food has fallen to zero. D. The total value she places on brunch today exactly equals $12.
Exhibit 7-11 A firm's cost and marginal revenue curves
?
In Exhibit 7-11, when the price is $5, the firm:
A. is making an economic profit of $21. B. should produce output equal to 10. C. is breaking even. D. should produce output equal to 7.