Examlex
Robert Merton advanced the idea that labeling can bring about self-fulfilling prophecies: that inaccurate beliefs,if repeated loudly and frequently enough,can become true.Compare the ideas of Merton and those of sociologist Elijah Anderson,who believed that a self-fulfilling prophecy has contributed to racial conflict in the United States.
Consumer Equilibrium
The point at which the quantity of goods purchased by a consumer, given their income and prices of goods, maximizes their utility.
Total Utility
Total utility is the total satisfaction or pleasure a person derives from consuming a particular quantity of goods and services.
Marginal Utility
The change in satisfaction or utility that an individual gains from consuming an additional unit of a good or service.
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming one more unit of a product or service.
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