We Would Expect the Total Utility of Water to Be

question 74

Multiple Choice

We would expect the total utility of water to be high but its marginal utility to be low. Why?

• A)Because water is a fluid and we don't need fluids to live as much as we need food.
• B)Because we need water to live and there is so much of it.
• C)Because we need water to live and there is very little of it.
• D)Because water's price is low.

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Definitions:

Account Receivable

Money owed to a company by its clients or customers for goods or services delivered or used but not yet paid for.

Internal Control

Methods and rules a company adopts to maintain the accuracy of financial and accounting data, encourage responsibility, and stop fraudulent activities.

Establishing Control Procedures

The process of implementing policies and procedures to ensure that an organization's objectives are achieved efficiently and effectively, reducing the risk of fraud or error.