After the Discovery of the Comstock Lode, Virginia City, Nevada

question 101

Multiple Choice

After the discovery of the Comstock Lode, Virginia City, Nevada, experienced

• A) an orgy of speculation and building.
• B) an increase in the police force.
• C) a religious revival.
• D) an exodus of the female population to Reno.
• E) looting by mobs and random terrorist activity by snipers.

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Definitions:

Utility Per Dollar

A measure of the satisfaction or usefulness obtained from purchasing goods or services relative to the amount of money spent.

Diminishing Marginal Utility

The principle stating that as more of a good or service is consumed, the marginal benefit of additional units will decline.

Utility Maximization

The process by which consumers adjust their consumption to achieve the highest level of satisfaction from their available resources.

Marginal Utility

The incremental pleasure or advantage obtained by consuming an extra unit of a good or service.