Related to the Economics in Practice on Page 216: According

question 164

Multiple Choice

Related to the Economics in Practice on page 216: According to the survey discussed in the Economics in Practice,

• A) most people were not willing to give up wages to get flex time at work.
• B) people were only willing to give up wages if they had 100 percent flex time at work.
• C) more than 50 percent of people were willing to give up wages to get flex time at work.
• D) almost everyone was willing to give up wages, but almost none were willing to give up other benefits, to get flex time at work.

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Definitions:

Utility-Maximizing

The economic principle that assumes individuals seek to achieve the highest level of satisfaction or utility from their consumption decisions.

Marginal Utility

The added pleasure or benefit received from consuming an additional unit of a good or service.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, and other forms of income.

Satisfaction Maximization

The process of optimizing decisions or actions to achieve the highest level of satisfaction or utility.