Utility is:
a. the cost associated with an additional unit of product.
b. the satisfaction obtained from a good or service provided.
c. the value that a third party places on a good or service.
d. the price that a seller places on a good or service being provided.
b. the satisfaction obtained from a good or service provided.
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The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________
A) the price; income B) the quantity demanded; income C) income; the quantity demanded D) income; the price
If people suddenly start to expect the price of oil to rise less rapidly than the interest rate, the demand for oil ________ and the supply of oil ________
A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases
Millions of people wake up each morning, they get dressed and go to work by travelling on our nation's freeways early in the morning during rush hour
Why might this seemingly private activity actually result in a negative externality? Why might motorists not really worry about it very much?
The optimum resource mix for a firm would be
A. wage rate/rent = MRP of labor/MRP of land. B. wage rate × rent = MRP of labor × MRP of land. C. MRP of labor/wage rate = MRP of land/rent. D. None of these choices are correct.