Consumers allocate their resources based on the ______?
Consumers allocate their resources based on the ______?
Law of diminishing marginal utility
Value in use and value in exchange principle
Law of returns to scale
Diamond and water paradox
Correct answer is B
Value-in-exchange: It is the amount of goods and services which we may obtain in the market in exchange of a particular thing. In other words, it is the price of a particular good which can be sold and bought in the market.
Value-in-use is the net present value (NPV) of a cash flow or other benefits that an asset generates for a specific owner under a specific use.
Capital as a factor of production is important because ...
Indicator of underdevelopment is ...
Two principal ways by which banks can lend money to their customers are through ...
One of the objectives of AfDB is to ...
ECOWAS secretariat is located in ...
The marginal revenue curve of a monopolist is ...
A company's expenditure on raw materials is termed as_______? ...
Which of the following explains marginal cost? ...
The supply of mangoes is represented as P=0.3Q, where P is the price ($) and Q is the quantity....