Utility is defined as the:
a. sense of pleasure or satisfaction derived from consuming goods and services.
b. cost of acquiring goods and services.
c. profits consumers earn from consuming goods and services.
d. monetary value to consumers of goods and services.
e. desire to consume goods and services.
a
Economics
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Classifying a good as nonrival means
A) that there is a surplus of the good. B) that the good is produced in a competitive market. C) that the producer can prevent people from consuming it. D) that many people can consume the good simultaneously.
Economics
Explain the two types of market failure and given an example of each one
Please provide the best answer for the statement.
Economics