Total utility can be determined by:
a. summing the marginal utilities of each unit of a good consumed
b. multiplying the marginal utility of the last unit consumed by the number of units consumed.
c. multiplying the marginal utility of the first unit consumed by the number of units consumed.
d. multiplying the price of the good times the number of units consumed.
a
Economics
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The law of supply says that
a. supply and income are inversely related b. supply follows demand c. quantity supplied equals quantity demanded d. price and quantity supplied are inversely related e. price and quantity supplied are directly related
Economics
Which of the following may be used in an attempt to correct market failure?
A. Government failure. B. Laissez faire price policies. C. Laws and regulations. D. The market mechanism.
Economics