A util represents a unit of measurement for the:
a. dollars a consumer spends on a good.
b. profit a firm makes from producing a good.
c. way a consumer will respond to a change in price.
d. happiness a person obtains from consuming a good.
e. way a producer will respond to a change in price.
d
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The additional cost to a producer of hiring an additional unit of labor is called the marginal cost
Indicate whether the statement is true or false
Which of the following statements best describes the outcomes of protectionism for infant industries?
a. Protectionism for infant industries never imposes costs on domestic users of the product but typically has provided little benefit in the form of stronger, competitive industries. b. Protectionism for infant industries always imposes costs on domestic users of the product and typically has provided little benefit in the form of stronger, competitive industries. c. Protectionism for infant industries never imposes costs on domestic users of the product and typically has provided much benefit in the form of stronger, competitive industries. d. Protectionism for infant industries always imposes costs on domestic users of the product but typically has provided much benefit in the form of stronger, competitive industries.