The fact that people value rare things more than things that are abundant is one of the basic principles behind which utility? a. image utility b. possession utility c. place utility d. form utility reset

Possession Utility

Explanation: Utility is a measure of a satisfaction derived from the consumption of a item.  Utility is measured in utils. There are many forms of utility,

a. Form utility- It is derived when the consumer get the good or service that they demanded.

b. Time utility- This is derived when the goods are made available on time when they are most wanted.

c. Place utility- This utility is obtained when goods are made available at convenient locations to the customers.

d. Possession utility- This is derived by the ownership of a product or service.

The fact that people value rare things more than things that are abundant (that is ownership of a product that are rare) is one of the basic principles possession utility.

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.