This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Is utility another word for the cost we give up when we consume a good? What will be an ideal ... (Read 24 times)

mwit1967

  • Hero Member
  • *****
  • Posts: 501
on: Jun 29, 2018
Is utility another word for the cost we give up when we consume a good?
 
  What will be an ideal response?

Question 2

In the figure above, in the market for low-skilled labor, the equilibrium wage rate is
 
  A) 16.
  B) 8.
  C) 20.
  D) 28.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

CharlieArnold

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jun 29, 2018
Answer to Question 1

No, utility does not mean the opportunity cost of consuming a good. Utility is the benefit or satisfaction a person gets from consumption of a good or service.

Answer to Question 2

B


mwit1967

  • Member
  • Posts: 501
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

ashely1112

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

A good Mnemonic to know Mg K Ca Na A good Mnemonic to know Mg K Ca Na
Cultures Ideal Body Types Cultures Ideal Body Types
Typical Startup Cost Categories Cont. Typical Startup Cost Categories Cont.
Vegetable oils are good sources of essential fatty acids Vegetable oils are good sources of essential fatty acids
Peanut butter is good source of protein Peanut butter is good source of protein
Trace word by sk kid Trace word by sk kid
Video: Nervous pathway to the Neuromuscular (NMJ)

For a complete list of videos, visit our video library