A util represents a unit of measurement for the
a. dollars a consumer spends on a good
b. consumer surplus earned when paying less than he/she would have been willing to spend
c. way a consumer responds to a change in price
d. happiness a person obtains from consuming a good
e. consumer surplus a person acquires when buying a good at less than market price
D
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Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run we are all dead."
Which of the following can bring about a change in the quantity demanded?
a. Change in supply. b. Change in quality. c. Change in income. d. Change in product price. e. Change in taste.