Answer:
c. Subtract total satisfaction from consuming N - 1 (first) products from total satisfaction from consuming N products
Explanation:
By definition, marginal utility of consuming one more unit of product or service is the additional satisfaction of consuming that unit of product or service.
That additional satisfaction from (consuming) the Nth products = total satisfaction from (consuming) all N products - satisfaction from consuming (first) N - 1 products
(first) should be added, because you are finding the satisfaction from the last consumed product.
Answer:
Market
Explanation:
A market is an arrangement that allows buyers and sellers to exchange goods or services . In market arrangement ,a group of buyers and sellers of a good or service ant the institution or arrangement by which they come together to trade
Answer:
a. be perfectly horizontal.
Explanation:
The supply curve graph the prices that suppliers will demand to produce different levels of output. It is normally upward-sloping because of scarcity of inputs that will push up costs and thus drive up cost.
If input prices does not change, <em>the industry will be willing to supply any quantity (in the long run) at the same price</em> (because if they charge higher than their constant costs they will lose to competition) => the supply curve will be a horizontal line (perfectly horizontal)
D.a trade deficit
When the value of a country's exports exceed the value of its imports, the country is experiencing:a trade deficit
Answer:
Product Bundle
Explanation:
Product bundle is the term which is defined as where the several individual services or goods which are sold to the consumers in a single combined package. And the few retailers only sell the items as a product bundle not individually.
In this scenario, the Salon offers the combined package of $50 and the individually the prices are different . So, it will be called or known as the Product bundle.
