A Person Who Gets Increasing Marginal Utility as Income Increases

question 53

Multiple Choice

A person who gets increasing marginal utility as income increases is described as:

• A)risk-averse.
• B)risk-neutral.
• C)risk-loving.
• D)risk-gaining.

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Definitions:

Important Fact

A piece of information that is crucial or significant in context, influencing decisions or outcomes.

Mistakes Of Value

Errors made in transactions based on incorrect assessments of the value of goods, services, or property.

Enforceability

Refers to the ability of a legal agreement to be upheld or enforced in a court of law.

Quality

The degree to which a product, service, or process meets specified standards or user expectations.