For Economists, Framing Refers to the

question 62

Multiple Choice

For economists, framing refers to the

• A)manner in which a problem is presented.
• B)degree of competition present in a given market.
• C)total satisfaction a consumer derives from consuming a good.
• D)level of total utility derived from consuming a good.

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Definitions:

Income

The cash flow generated out of work or investments, typically on a steady basis.

Utility Function

A mathematical representation of a consumer's preference ranking over bundles of goods, showing the level of satisfaction or utility derived.

Commodity

A basic good used in commerce that is interchangeable with other goods of the same type; commodities are often used as inputs in the production of other goods or services.

Income

Earnings garnered from employment or investing, often received periodically.