Each Month for the Past Three Years,Carol Has Been Overcharged

question 29

Essay

Each month for the past three years,Carol has been overcharged 50 cents by ABC Cell Phone Corporation.She has good reason to believe that tens of thousands of other individuals have also been defrauded of 50 cents each.Carol wants to sue,but the expense of bringing a lawsuit for 50 cents is too great.What can Carol do to obtain a judicial hearing of her complaint?

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Definitions:

Convex Preferences

A preference structure where a consumer prefers mixtures or averages of two goods or bundles to extreme amounts of one good or bundle.

Utility Function

A mathematical representation in economics that quantifies the satisfaction or happiness an individual gains from consuming various bundles of goods and services.

Income Effect

Shifts in income for individuals or within the economy and their consequences on the volume of goods or services demanded.

Utility Function

A mathematical representation of a consumer's preference, showing the level of satisfaction or happiness derived from consuming various bundles of goods and services.