Figure 3-7
Mary's Production Possibilities Frontier Kate's Production Possibilities Frontier 
-Refer to Figure 3-7. What is Kate's opportunity cost of one cookie?
Definitions:
Marginal Utility
The supplementary enjoyment or value obtained by consuming an extra unit of a good or service.
Total Utility
The overall satisfaction or happiness a consumer derives from consuming a certain quantity of goods and services.
Marginal Utility
The extra benefit or utility gained from acquiring or consuming an additional unit of a product or service.
Utility Per Dollar
The amount of satisfaction or usefulness gained per unit of currency spent, used to measure consumer value.
Q26: An individual deciding how to allocate her
Q32: Refer to Figure 2-3. This economy cannot
Q55: Price will rise to eliminate a shortage.
Q69: If the number of buyers in a
Q71: A good will have a more inelastic
Q90: Equality means distributing society's resources in the
Q105: Refer to Figure 3-4. If Betty produces
Q169: Economists use the term _ to refer
Q256: Refer to Figure 2-13. What is the
Q273: The slope of a horizontal line is