Economic Factors Should Be Considered When

question 27

Multiple Choice

Economic factors should be considered when

• A)reducing the number of oil spills.
• B)increasing the amount of waste in logging.
• C)making any environmental decisions.
• D)None of these are correct.

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Definitions:

Marginal Utility

The supplementary value or usefulness experienced from consuming one more unit of a good or service.

Consumer Surplus

The discrepancy between the amount consumers are prepared to pay for a product or service and the actual price they pay, symbolizing the advantage to consumers.

Marginal Utility

The increased contentment or value derived from the consumption of an extra unit of a good or service.

Total Utility

The aggregate level of satisfaction or fulfillment a consumer receives through the consumption of a specific quantity of goods and services.