Which of the Following Is NOT a Common Functional Group

question 15

Multiple Choice

Which of the following is NOT a common functional group?

• A) COOH
• B) CH₃
• C) SH
• D) CHO

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Definitions:

Giffen Good

A type of inferior good for which demand increases as its price increases, contrary to the typical law of demand.

Slutsky Substitution Effect

A concept in economics that describes how a change in the price of a good affects consumption patterns, separating the effect into income and substitution effects.

Indifference Curve

A graph that shows different combinations of two goods among which a consumer is indifferent, implying the same level of utility for each combination.

Hicks Version

Refers to John Hicks' adaptation of consumer demand theory, particularly in relation to indifference curves and utility maximization.