Which One of the Following Was Not Included in Bentham's

question 11

Multiple Choice

Which one of the following was not included in Bentham's hedonistic calculus?

• A) Intensity: How strong is the pleasure?
• B) Duration: How long will the pleasure last?
• C) Value: Is the pleasure a lower, physical pleasure or a higher, intellectual pleasure?
• D) Extent: How many people will be affected?

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Definitions:

Asymmetric Information

A situation in which one party in a transaction has more or superior information compared to another, often leading to an imbalance in decision-making.

Inefficient Outcomes

Situations in which resources are not allocated optimally, leading to wasted resources or unmet potential.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Moral Hazard

A situation in which one party engages in risky behavior or lacks incentive to guard against risk because they are protected by an insurance or other agreement.