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 62 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
Gracias!

frankwu0507

  • Member
  • Posts: 322
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

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.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

Fossils Give Us a View of Past Life Fossils Give Us a View of Past Life
Cost Savings with an EHR System Cost Savings with an EHR System
How do men who work in traditionally feminine nurturng jobs and women who work in jobs that give ... How do men who work in traditionally feminine nurturng jobs and women who work in jobs that give ...
A typical good oxygen sensor waveform as displayed on a digital storage oscilloscope. Look for ... A typical good oxygen sensor waveform as displayed on a digital storage oscilloscope. Look for ...
Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ... Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ...
Almonds and other nuts are also good sources of protein Almonds and other nuts are also good sources of protein
Video: Hormones and the menstrual cycle Animation

For a complete list of videos, visit our video library