The correct answer is letter "A": consuming an additional unit of a good.
Utility represents the satisfaction perceived by an individual while consuming a good or service. Marginal utility <em>reflects the satisfaction the individual perceives by consuming one more unit of the same good or service</em>. Total utility represents the aggregate satisfaction of consuming a given product.
In all cases, <em>the concept of utility assumes consumers make rational decisions to maximize the benefits they perceive and that the products consumed have a stable price.</em>
Explanation: It refers to the second stage in the product life cycle in which the product starts establishing itself in the market. This stage is crucial as the the increase in effectiveness comes into the eyes of participants market forces starts coming into play leading to new competitors.
There is high chance that many firms would not go beyond this stage due to high competition and loss of customer base in the hands of some other firm .
This is a situation whereby an individual or people in general tend to more accurately remember messages that are closer to their interests, values, belief than those that are in contrast with those interests, belief and values. It is the tendency for people to only remember or retain part of the information they are exposed to. It is a sub conscious act, where people tend towards remembering information that is closer to their belief or interests.
A common approach by managers in deciding how to allocate scarce funds is to rank investment proposals by taking into the account time value of money.
<h3>Why is the managerial approach important?</h3>
This builds their faith, gives them a sense of achievement, and helps them evolve into more resourceful, decisive, and independent. As a manager, your role is to then keep a close eye on improvement and only provide guidance if you see things going awry. This course is a great default for day-to-day administration. Management procedures are techniques that are used to direct and control an association.
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The government takes contractionary measures to check against rising inflation. Contractionary policies reduce liquidity in the market, thereby reducing the rate of money circulation.
<u> Four measures that may control inflation include</u>
1<u>. Increasing interest rates</u>: An increase in interest rates increases the cost of borrowing money. When the cost of money becomes expensive, firms and households reduce the borrowing rate, reducing the money supply rate. In turn, the inflation rate declines.
2. <u>Increasing reserve requirement:</u> Reserve is the proposition of customer discounts that commercial banks are expected to maintain at their custody at all times. Increasing the reserve requirement means banks will reduce lending, thereby reducing the money supply in the economy.
3. <u>The open market sells</u>: The government makes available many treasury bills and bonds for purchase in the market. It offers attractive rates that encourage banks and other institutions to buy them. Buying the treasury bills means banks will use a substantial percentage of customer deposits on treasury bills other than lending to customers. Open market sales mop up excess liquidity in the markets, reducing the rate of cash circulation.
4. <u>Reduction of government spending:</u> Government spending is a fiscal policy tool. The government is a big spender in an economy. If the level of spending is decreased, the money supply in the economy is reduced.
Based on the information provided within the question it can be said that the 5% tourism tax revenues would be classified as committed. This is because this percentage was pledged as part of the policy that was passed into law by the county commission. Therefore this money is dedicated to that policy alone and must be used for that.