Which of the following describes "utility"?
A) how consumers rank different goods and services.
B) how useful is a good or service.
C) how many different things a good or service can do.
D) when consumers use goods or services.
E) none of the above.
Correct Answer:
Verified
Q1: A consumer is said to be in
Q2: A consumer has $20 per week available
Q4: To be in equilibrium (i.e., to maximize
Q5: The law of diminishing marginal utility states:
A)marginal
Q6: The rule for rational budget allocation by
Q7: If two goods, such as tea and
Q8: At a consumer's equilibrium demand choices for
Q9: A consumer spends all of her income
Q10: If we know each consumer's demand curve,
Q11: In the figure below, the decline in
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