Question 4 1 1 pts what is the meaning of utility in

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Question 4 1 / 1 pts What is the meaning of utility in the field of economics? how functional a good or service is the degree of demand for a certain good or service Correct! the satisfaction a person receives from consuming a good or service whatever a consumer wants it to be when consuming a good or service
Question 5 1 / 1 pts If enough tastes and perceptions can be changed that the average consumer’s utility from the firm’s product can be __________, more products will be demanded.
Question 6 1 / 1 pts The reason why the price of gasoline is typically higher near freeways than in towns is best explained by __________.
supply vs. demand price competition Correct! utility-maximizing theory Question 7 0 / 1 pts Laws that deal with the enforcement of voluntary exchanges are called __________ laws.
You Answered common The answer can be found in Chapter 6, Section 6.1, Law, Economics, and Government Policy. Question 8 1 / 1 pts What are the two characteristics of public goods? productivity and rivalry Correct! nonexclusivity and nonrivalry exclusivity and nonrivalry exclusivity and rivalry
Question 9 0 / 1 pts An example of a private good is __________.
The answer can be found in Chapter 6, Section 6.3, Public Goods. Question 10 0 / 1 pts In the term social marginal costs, to whom does social refer?
You Answered only direct transaction participants Correct Answer society as a whole only those who are affected but are not direct transaction participants The answer can be found in Chapter 6, Section 6.2, Externalities. Quiz Score: 6 out of 10

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