Define utility. What are individual units of utility called?
What will be an ideal response?
Utility is the measure of satisfaction or well-being. Individual units of utility are referred to as utils.
Economics
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Today's forward rate must equal the future spot rate
Indicate whether the statement is true or false
Economics
An economic system is
A) the universe of all resources. B) a way to create new resources. C) a mechanism to allocate scarce resources. D) an organization that generates profits.
Economics