Net utility is
a. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it.
b. equal to the sum of the marginal utilities.
c. equal to an optimal number easily calculated by the consumer.
d. always greater than total utility.
a
You might also like to view...
Wheat is used to produce cereal. When the price of wheat falls, the
A) demand for wheat increases. B) supply of wheat decreases. C) supply of cereal increases. D) demand for cereal increases. E) demand for cereal decreases.
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Why is there adverse selection in the baseball pitcher free-agent market?
What will be an ideal response?
Economists see the greenhouse effect as
A. having only negative economic consequences. B. having both negative and positive economic impacts. C. having only positive economic consequences. D. having no economic consequences.
If prices increased, we need to adjust nominal GDP values to give us a measure of GDP for various years in constant-dollar terms. We refer to that adjustment as:
A. Inflating GDP B. Deflating GDP C. Compounding GDP D. Indexing GDP