The Founders of Utilitarianism Include

question 245

Multiple Choice

The founders of utilitarianism include

• A)A. C. Pigou and John Maynard Keynes.
• B)Jeremy Bentham and John Stuart Mill.
• C)Augustin Cournot and Jean B. Say.
• D)A. Kondratieff and Thomas Malthus.

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Definitions:

Indifference Curves

Graphical representations in economics showing combinations of goods that give the consumer equal satisfaction and utility.

Utility Function

A utility function is a mathematical representation of a consumer’s preferences, ranking different bundles of goods according to levels of satisfaction.

Indifference Curve

A graph showing different bundles of goods between which a consumer is indifferent, meaning they would derive the same level of satisfaction from any combination.

Bliss Point

The optimal quantity of consumption where any further increase or decrease would lead to a lower level of satisfaction for the consumer.