Utility Values Typically Range from

question 68

Multiple Choice

Utility values typically range from

• A)-1 to 1.
• B)1 to 10.
• C)0 to 1.
• D)1 to 100.
• E)None of the above

---

Definitions:

Marginal Cost

Marginal cost is the cost incurred by producing one additional unit of a product or service, emphasizing the concept of variable costing.

Resource Allocation

The process of allocating resources, including capital, labor, and materials, among competing uses or projects in an efficient manner.

Production Possibilities Curve

The Production Possibilities Curve (PPC) is a model that shows the various combinations of two goods or services that an economy can produce, given its resources and technology, illustrating the concept of opportunity cost.

Unemployment Rate

The percentage of the labor force unemployed at any time.