Utility as an economic term refers to
a. the amount of electricity generated.
b. the ability of a good to satisfy a want.
c. tangible goods only.
d. services only.
b. the ability of a good to satisfy a want.
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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
Gene's Car Wash is a natural monopoly. To wash 100 cars a week, if Gene is unregulated, he would charge a price of $10. Gene's average total cost for washing 100 cars is $8, his average variable cost is $6, and his marginal cost is $4
If Gene is regulated using a marginal cost pricing rule, the price he is allowed to charge to wash 100 cars is A) $10. B) $8. C) $6. D) $4. E) $400.
Total utility will be at its maximum when
A. marginal utility is negative. B. marginal utility is positive. C. marginal utility is maximized. D. marginal utility is zero.
Describe, in general terms, the lags in the effects of monetary policy on interest rates, output, and prices. Be sure to note how long it takes each variable to respond to policy changes
What will be an ideal response?