The concept of utility is fundamental to utilitarianism and describes the
a. optimal distribution of wealth in society.
b. level of satisfaction derived from a person's circumstances.
c. method by which society chooses to allocate resources.
d. method whereby wealth is stored.
b
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If the price of a product increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity of demand is
A) 0. B) 1. C) indeterminate. D) 5. E) 25.
If the economy is currently in a recessionary gap,
A) all economists will agree that the economy can remove itself from the recessionary gap without government intervention. B) some economists will argue that the economy can remove itself from the recessionary gap without government intervention. C) no economist will state that the economy can remove itself from the recessionary gap without government intervention. D) all economists will agree that over time the recessionary gap will worsen.
In the long run a firm will choose a plant size that has the:
A. Minimum of average fixed costs B. Capacity to produce the largest quantity of the product C. Minimum average total cost of producing the target level of output D. Maximum level of resource use per unit of the total product of output
The maximum price that a buyer would be willing to pay for a good or service is also called:
A. the buyer-max price. B. the reservation price. C. the opportunity cost. D. the reserved max price.