Total Utility Equals

question 103

Multiple Choice

Total utility equals

• A)the sum of the marginal utilities of each unit consumed.
• B)the area below the demand curve but above the market price.
• C)the slope of the marginal utility curve.
• D)the marginal utility of the last unit divided by price.
• E)the marginal utility of the last unit consumed multiplied by the total number of units consumed.

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Definitions:

Lower Of Cost

is an accounting principle requiring inventory to be recorded at the lower of either its historical cost or current market value, ensuring assets are not overstated.

Market

A venue where buyers and sellers meet to exchange goods, services, or financial instruments.

Inventory Item

An inventory item refers to any goods or merchandise kept on hand by a business for the purpose of resale to customers.

Physical Inventory

A count of all inventory a business physically has in its possession at a specific point in time.