Marginal utility is a measure
a. of total utility derived from consuming a given amount of a good
b. of the total utility gained from consuming an extra unit of a good
c. computed by dividing total utility by the amount of a good consumed
d. determined by production conditions in a market
e. of the cost associated with consuming one more unit of a good
B
Economics
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Based on the figure above, short-run equilibrium occurs at the price level of
A) 120 and real GDP of $5 trillion. B) 130 and real GDP of $10 trillion. C) 140 and real GDP of $15 trillion. D) 130 and real GDP of $15 trillion.
Economics
The cost of risk is the amount by which expected wealth must increase to give the same ________ as a no-risk situation
A) marginal wealth B) marginal utility C) expected utility D) expected wealth
Economics