The concept of utility is fundamental to utilitarianism and describes the
a. optimal distribution of wealth in society.
b. level of satisfaction derived from a person's circumstances.
c. method by which society chooses to allocate resources.
d. method whereby wealth is stored.
b
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If perfectly competitive firms are making an economic profit, then
A) the market is in its long-run equilibrium. B) new firms enter the market and the equilibrium profit of the firms already in the market decreases. C) new firms enter the market and the equilibrium profit of the firms already in the market increases. D) firms exit the market and the economic profit of the surviving firms in the market decreases. E) firms exit the market and the economic profit of the surviving firms in the market increases.
If a union restricts the supply of labor but cannot change the demand for labor, the union ________ the wage rate and ________ the level of employment
A) raises; decreases B) raises; increases C) lowers; decreases D) lowers; increases