A Policy-Making Process in Which Those with a Numerical Majority

question 19

Multiple Choice

A policy-making process in which those with a numerical majority hold the authority is called

• A) diffused.
• B) elitist.
• C) majoritarian.
• D) pluralist.
• E) diversified.

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Definitions:

Opportunity Cost

Forgoing the chance to gain from other possibilities by selecting one option.

Consumer Behavior

The study of how individuals, groups, and organizations select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.

Marginal Utility

The added value or satisfaction experienced upon consuming an additional unit of a good or service.

Diamond-Water Paradox

A paradox highlighting the discrepancy between the high value of non-essential items, like diamonds, and the low value of essential items, like water, despite their utility.