The amount of pleasure or satisfaction derived from consumption of a good is called
A. demand.
B. need.
C. consumer surplus.
D. utility.
Answer: D
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Purchasing power parity may not hold in practice due to all of the following except
A) transportation costs. B) cross-country differences in environmental regulations. C) trade barriers like tariffs and quotas. D) the existence of non-traded goods.
A perfectly competitive firm incurs a loss in the short run, if at the profit maximizing level of output:
a. the marginal revenue curve lies below the marginal cost curve. b. the marginal revenue curve lies above the average revenue curve. c. the average cost curve lies below the average revenue curve. d. the average revenue curve lies below the average cost curve. e. the marginal revenue curve lies above the marginal cost curve.
Figure 5-16
In Figure 5-16, Adam is
a.
better off at C than at D and able to afford either C or D.
b.
better off at D than at C but only able to afford C.
c.
equally well off at C and D and able to afford either C or D.
d.
equally well off at C and D but only able to afford C.
Opportunity cost is:
A) zero for the use of a free combo meal offer. B) the dollar payment for a product. C) the benefit derived from a product. D) the value of the best alternative forgone in making any choice.