All of the Following Are Chronic Conditions Except

question 42

Multiple Choice

All of the following are chronic conditions except

• A)arthritis.
• B)diabetes.
• C)cancer.
• D)the common cold.

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Definitions:

Diminishing Marginal Utility

The decrease in satisfaction or usefulness obtained from each additional unit of consumption.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, due to the availability of more desirable substitutes.

Diminishing Marginal Utility

The principle that as a person consumes more of a good, the satisfaction gained from consuming an additional unit decreases.

Comparative Advantage

The ability to produce a good at a lower opportunity cost than others can produce it. Relative costs determine comparative advantage.