Examlex
Explain how the actions of labor unions generate greater unemployment.
Total Utility
The overall satisfaction or enjoyment a person gets from consuming a certain quantity of goods or services.
Marginal Utility
The boost in contentment or usefulness someone achieves from consuming an additional item of a good or service.
Consumer Surplus
The variance between the price consumers intend to pay for a good or service and the price they actually incur.
Marginal Utility
The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.
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