For economists, the word "utility" means:
versatility and flexibility. | |
pleasure or satisfaction. | |
rationality. | |
purposefulness. |
Correct opton: (c) pleasure or satisfaction
Reason: In economic terms, utility refers to the usefulness or satisfaction derived from the consumption of that particular good.
Please help with this one (is this utility/utils) 1 How do economists model consumer satisfaction?
If individuals behave irrationally in some circumstances, why do economists typically assume that they behave rationally? a. The assumption of rationality allows economists to make powerful statements that apply the majority of the time b. The assumption of rationality was used before psychologists discovered ways in which individuals behave irrationally. c. The assumption of rationality is used because economists do not understand principles of psychology. d. The assumption of rationality has yet to be refuted with scientific evidence
Which phrase best describes utility? Utility is a measure of consumer satisfaction. the contribution of a particular good or service to GDP. a measure of how useful a good or service is in acquiring income or wealth for a consumer the amount of money a consumer is willing to pay to gain a given amount of consumption. How do economists measure utility? Economists use surveys to rate the usefulness of goods and services after they are purchased. do not measure...
1) The word part ___________ means pertaining to formation? 2) The word part ___________ means sacrum? 3) The word part __________ means diseased condition? 4) The word part ___________ means slipping? 5) The word part ____________ means skull?
Utility is the sense of pleasure or satisfaction derived from consuming goods and services the cost of acquiring goods and services the profit consumers earn from consuming goods and services the monetary value to consumers of good and services
QUESTION 1 Economists use the word marginal to mean 1. A decision that is only secondary in importance. 2. The extra benefit or cost of a decision. 3. When firms concentrate on their profit margin. 4. When an economy is producing efficiently. 5 points QUESTION 2 Economists use the word rationality to mean.... 1. When people correctly analyze a situation and come to the best decision possible. 2. Only a hypothetical scenario, people are never really rational. 3. When...
Reset Help embal- The word root means blood. thromb- The word root means bone marrow or spinal cord. erythro- myelo- The word root means clot or associated with blood clotting. leuko- The word root means white or white blood cell. hemo- The word root means ombolus or wedge. The word root means red or red blood cell.
What do economists mean by utility? What is the opportunity costs of going to college?
What is the difference between ordinal utility and cardinal utility? Ordinal utility refers to A.satisfaction when consumers are rational while cardinal utility is satisfaction when consumers are not rational B. an interpersonal comparison of satisfaction, while cardinal utility is a ranking of market baskets using arbitrary numerical values. C. a ranking of market baskets in order of most to least preferred, while cardinal utility indicates how much one market basket is preferred to another. D.a ranking of market baskets based...
Please help with these 1) How do economists model consumer satisfaction? 2) How do consumers optimize their purchasing decisions? 3) What is the diamond-water paradox? 4) Distinguish between total utility and marginal utility . 5) Explain why the law of diminishing returns takes place for all goods/services. 6) Explain the concept of consumer optimum.