Which of the followingbestdescribes the economic concept of utility?
a. Utility is the total number of units a consumer buys.
b. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility.
c. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service.
d. None of the above are correct.
c
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Shelby said to her friend, "I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of
A) consumer surplus. B) producer surplus. C) equilibrium. D) marginal cost. E) total surplus.
The minimum point on the average variable cost curve is called the loss-minimizing point
Indicate whether the statement is true or false
The largest financial market in the world is the:
A) stock market B) bond market C) options market D) foreign exchange market
Based on this supply and demand curve, how does a tax affect buyers?
a. decreases the price they must pay
b. increases the price they must pay
c. raises their demand for the product
d. builds supply of the product available to them