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Author Question: Is utility another word for the cost we give up when we consume a good? What will be an ideal ... (Read 63 times)

mwit1967

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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.


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CharlieArnold

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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

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

smrtceo

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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