Is "utility" another word for the cost we give up when we consume a good?
What will be an ideal response?
No, utility does not mean the opportunity cost of consuming a good. Utility is the benefit or satisfaction a person gets from consumption of a good or service.
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The fee schedule capable of contributing the most net revenue to a museum's budget depends on
A) the cost of constructing the museum. B) the cost of heating and lighting the museum. C) the cost of purchasing and maintaining the museum exhibits. D) the demand to view the museum's collection. E) whether the museum is publicly or privately owned.
In the figure above, if the exchange rate is equal to 1 Canadian dollar per U.S. dollar, there is a ________ of ________currency and the exchange rate will________
A) shortage; domestic; rise B) surplus; domestic; rise C) shortage; foreign; rise D) surplus; foreign; fall