Answer to Question #90163 in Microeconomics for arshdeep singh

Question

“The Best Things in Life are Free” is a phrase used a lot. It’s found in many speeches, there are numerous articles in magazines and online titled “The Best Things in Life are Free,” The Best Things in Life are Free was a 1956 American musical movie, and “The Best Things in Life are Free” was a 1992 Grammy-nominated song recorded by Luther Vandross and Janet Jackson. Make sense of the statement, “The Best Things in Life are Free” by applying what you have learned about the marginal and total values

Answer 1

The phrase “The Best Things in Life are Free” means, that some things have high utility, but are very cheap or almost free, because the utility is not measured as the amount of money spent.