Answer Happy

1. Utility is the benefit or satisfaction a person receives from consuming a good or service. True or False 2. Economic utility increases with the increase in the consumption of a good or service. True or False 3. If we are going to maximize our utility as a consumer, we will buy an item that produces the least marginal utility with the least amount of spending. True or False 4. We begin the buying process when the buyer recognizes that we have a: A Product or Service B. Shop or Market C. Need or Problem D. Money or Status S. We are satisfied as a consumer If performance meets our expectations. True of False 6. Neoclassical economics is a theory that focuses on supply and demand that are the driving forces behind the production, pricing and consumption of goods and services. True or False 7. The difference between actual production costs and retail price is an economic surplus. True or False 8. Economic cost looks at gains and losses of a course of action in comparison to another via time, money, and resources. True or False 9. Economic cost is the accounting cost (explicit cost) plus the opportunity cost (implicit cost). True or False 10. Explicit costs are normal business costs that appear in the general ledger and directly affect a company's profitability. Examples include wages, lease payments, utilities, and raw materials. True or False 11. An explicit cost is a defined dollar amount that appears in the general ledger, True or False 12. An implicit cost represents the loss of income but do not represent the loss of profit. True or False