When Asked Why She Decided to Attend the University of Illinois

question 47

Multiple Choice

When asked why she decided to attend the University of Illinois over all the other Big Ten schools,Dornita said that the school's proximity to home was a major reason.The importance Dornita places on proximity is called ____.

• A) weighted value
• B) expectancy
• C) objective value
• D) utility

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Definitions:

Hypothetical Consumer

An idealized representation of a consumer used for theoretical purposes, reflecting average behaviors and responses to market changes.

Utility-Maximizing Combination

A selection of goods and/or services that provides the highest level of satisfaction or utility to a consumer, given their budget constraints.

Total Utility

The total satisfaction or benefit received by consuming a particular quantity of a good or service.

Marginal-Utility Schedules

Charts or tables showing the relationship between the quantity of a good consumed and the marginal utility or satisfaction received from consuming each additional unit.