The Marginal Utility of a Unit of Good Y to Jane

question 130

Multiple Choice

The marginal utility of a unit of good Y to Jane is

• A)the additional utility that Jane gets from consuming one more unit of Y.
• B)defined in money terms as the minimum amount Jane is willing to pay for that additional unit of Y.
• C)defined in money terms as the maximum amount Jane is willing to pay for all the Y she buys except that additional unit.
• D)All of the responses are correct.

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Definitions:

Cultural Adaptation

The adjustment process individuals undergo to integrate with or accommodate themselves to different cultural practices and settings.

Business Practices

Customary methods or procedures in the conduct of business activities.

Socialize

The process by which individuals learn the norms, values, and practices of a social group to integrate and function within it.

Hofstede's Dimensions

A framework for cross-cultural communication developed by Geert Hofstede, that describes the effects of a society's culture on the values of its members, and how these values relate to behavior.