In economics, utility is defined as
A) the want-satisfying power of a good or service.
B) the usefulness of a good or service.
C) the utilitarian value of a good or service.
D) the objective measure of the desirability of a good or service.
Correct Answer:
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Q5: Suppose that Dillon derives 40 utils of
Q6: Which English philosopher set out to develop
Q7: If total utility is increasing, then marginal
Q8: A representative unit that measures the want-satisfying
Q9: In economic utility analysis, consumer tastes and
Q11: The concept of marginality is important in
Q12: Marginal utility equals the change in total
Q13: The term marginal means
A) total.
B) average.
C) subjective.
D)
Q14: If total utility is decreasing, then marginal
Q15: When economists refer to people making decisions
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