Economists define the term marginal utility (mu) as:
a) The additional satisfaction gained divided by the additional cost of the last unit.
b) Total satisfaction gained when consuming a given number of units.
c) The process of comparing marginal units of all goods, which could be purchased.
d) The additional satisfaction obtained by consuming one extra unit of a good.
Answer: d) The additional satisfaction obtained by consuming one extra unit of a good.
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Fill in the blank(s) with the appropriate word(s).
The demand curve represents the buyer's side of the marketplace
Indicate whether the statement is true or false
Other things being equal, what impact does enhanced consumer information on the risk of colon cancer linked to red-meat consumption have on the equilibrium in the market for beef?
A. A decrease in both price and quantity; B. An increase in price and decrease in quantity; C. A decrease in price and an increase in quantity. D. Not enough information is provided to answer this question;
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A. most; fast B. most; slow C. least; fast D. least; slow