In Terms of Technological Progress, Economists Interpret This as Meaning

question 5

True/False

In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs.

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Definitions:

Marginal Utility

The added gratification or usefulness experienced by a buyer when they consume an additional unit of a good or service.

Utility Maximization

The economic principle that individuals or firms strive to get the greatest satisfaction or benefit from their available resources.

Marginal Utility

The enhanced gratification or value a customer derives from consuming another unit of a good or service.

Utility Equilibrium

A state in consumer theory where a consumer efficiently allocates their income to maximize their total utility.