A Description of Property That Uses Distances and Directions Based

question 12

Multiple Choice

A description of property that uses distances and directions based on monuments, such as a tree or a rock, is called:

• A)government survey.
• B)metes and bounds.
• C)plat.
• D)informal description.

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Definitions:

Diminishing Marginal

A principle stating that as additional units of a variable input are added to a fixed input, the additional output produced from each new unit will eventually decline.

Indifference Curves

A graphical representation of different combinations of goods or services among which a consumer is indifferent, showing preferences and trade-offs.

Completeness

In the context of preferences, the assumption that any two bundles of goods can be compared, meaning a consumer can decide if one is preferred, the other is preferred, or they are valued equally.

Transitivity

The concept in decision theory and economics that if preference or choice A is preferred to B, and B is preferred to C, then A must be preferred to C.