What is the distinction between total utility and marginal utility?
What will be an ideal response?
Total utility is the entire amount of satisfaction an individual obtains from the total amount of goods and services consumed. Marginal utility is the change in total utility from a one-unit increase in the consumption of a good or service.
Economics
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A monopolistically competitive firm in long-run equilibrium:
A) will make negative profit. B) will make zero profit. C) will make positive profit. D) Any of the above are possible.
Economics
Technology is
A) society's pool of knowledge of how to produce goods and services. B) a resource like land or physical capital. C) computers and lasers. D) not obtainable by engaging in activities that increase human capital.
Economics