To an Economist,utility Means

question 72

Multiple Choice

To an economist,utility means:

• A) additional.
• B) usefulness.
• C) satisfaction.
• D) marginal.

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Definitions:

Price-Elastic

A characteristic of goods or services for which demand significantly changes with small changes in price.

Marginal Revenue

The revenue increase from the sale of an additional unit of a good or service.

Marginal Cost

The additional cost incurred by producing one more unit of a product.

Raise Price

An action taken by a seller to increase the selling price of a product or service, often in response to higher costs or in an attempt to increase profits.