Eponyms Are Terms Named After the Person Who First Identified

question 128

True/False

Eponyms are terms named after the person who first identified the condition or devised the object bearing its name.

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Definitions:

Marginal Benefit

The extra utility or satisfaction that is derived from the consumption or manufacture of one more unit of a good or service.

Marginal Cost

The growth in complete cost caused by the manufacture of one more unit of a good or service.

Artificially Scarce Good

A product or service whose availability is limited due to artificial constraints, such as legal restrictions or monopolistic practices, rather than natural scarcities.

Competitive Market

A market structure where many firms offer products or services that are similar, allowing consumers to find substitutes easily.