With Reference to Ethical Norms, to Get the Most from a Particular

question 62

Multiple Choice

With reference to ethical norms, to get the most from a particular input is a form of ________.

• A)freedom
• B)security
• C)efficiency
• D)justice

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Definitions:

Utility-Maximizing

A behavioral principle where consumers allocate their income to purchase a mix of goods and services that provides the highest overall utility.

Last Dollar

The final unit of currency spent or invested in a particular context, emphasizing its potential impact or value.

Income Elasticity

The percentage change in the quantity of a product demanded divided by the percentage change in consumer income that caused the change in quantity demanded. It measures the responsiveness of the demand for a good to a consumer’s change in income.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied reacts extremely to a small change in price, indicating infinite responsiveness.