The Figure Given Below Represents the PPC in Two Nations

question 61

Multiple Choice

The figure given below represents the PPC in two nations - Germany and Korea, producing only two goods, cars and food.Figure 2.4

-Other things remaining the same, an individual demand schedule shows the various quantities of a good:

• A)that a person wants and is able to purchase at alternative prices.
• B)that are demanded with a change in the quantity demanded of a substitute good.
• C)that a person is able to purchase at alternative income levels.
• D)that are demanded at various levels of utility.
• E)that are demanded by the market at various prices.

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Definitions:

Total Utility

The total satisfaction received by consuming a particular amount of goods or services.

Utility

The total satisfaction received from consuming a good or service.

Total Utility

The total satisfaction received from consuming a certain quantity of goods or services.

Total Utility

The total satisfaction or benefit received by consuming a given total quantity of a good or service.