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UNFAIR COMPETITION: A wide assortment of business practices that are deceptive and dishonest, and usually hamper competition. Examples of unfair competition include false or misleading advertising, price discrimination, bribery, and even industrial espionage. These practices and many, many more are illegal according to antitrust law, specifically the Federal Trade Commission Act (1914).
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Lesson 9: Consumer Demand | Unit 2: Total Utility
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Page: 9 of 22
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In this unit, you should have learned about:- Total utility as the total satisfaction obtained from consuming one or more goods.
- That utility is measured by utils, which is a hypothetical and unrealistic measure, but helps illustrate the utility concept.
- The total utility schedule as a table relating total utility and the quantity consumed.
- How total utility increases with the quantity consumed, but reaches a peak, then declines.
- The motivation of utility maximization, but that consumers are typically faced with constrained utility maximization.
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EQUALITY STANDARD An income distribution standard in which income is divided equally among members of society. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the contributive standard and the needs standard.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LRMC
Long Run Marginal Cost
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