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 16 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
Excellent

ASDFGJLO

  • Member
  • Posts: 335
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

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

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Thyroid conditions cause a higher risk of fibromyalgia and chronic fatigue syndrome.

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai In 2013, Americans learned that the federal government massively surveys their phone calls and e-mai
Gestalt Law of Good Continuation Gestalt Law of Good Continuation
How to solve word problems with two unknowns (Question 1) How to solve word problems with two unknowns (Question 1)
What title would chemists give to an orbital characterized by n=8 and 1=4? What title would chemists give to an orbital characterized by n=8 and 1=4?
A(n) _____ is a spur-of-the-moment question. Fill in the blank(s) with correct word A(n) _____ is a spur-of-the-moment question. Fill in the blank(s) with correct word
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Male Reproductive System - The gonadotropin releasing hormone

For a complete list of videos, visit our video library