Utility Is the Term for a Measure of the Total

question 37

True/False

Utility is the term for a measure of the total worth or relative desirability of a particular outcome.

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Definitions:

Quantity Supplied

The amount of a particular product that a firm would be willing and able to offer for sale at a particular price during a given time period.

Elasticity of Labor Supply

A measure of the response of labor supplied to a change in the price of labor.

Wages

Payments made to employees by employers, typically based on the number of hours worked or a fixed amount for a certain job.

Quantity of Labor

The total hours worked or the number of employees engaged in production within a certain period.