Within the Relevant Range, a Curvilinear Cost Function Can Be

question 73

Multiple Choice

Within the relevant range, a curvilinear cost function can be graphed as a:

• A) straight line.
• B) set of straight lines.
• C) solid line.
• D) curved line.

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Definitions:

Marginal Utility

The further benefit or pleasure derived by consuming an extra unit of a good or service.

Utils

A theoretical unit of measurement used in economics to quantify the level of satisfaction or happiness that a consumer derives from the consumption of goods and services.

Rational

Describes a decision maker who chooses the available option that leads to the outcome he or she most prefers.

Diminishing Marginal Utility

The principle stating that as a person consumes more units of a good, the satisfaction (utility) gained from consuming each additional unit decreases.