Economists Assume That the Goal of Consumers Is to Maximize

question 54

True/False

Economists assume that the goal of consumers is to maximize marginal utility.

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Definitions:

Costly

Something described as costly is considered to have a high price or to entail a great expense, often in terms of money, time, or effort.

Society

A group of individuals living as a community or an organized group with shared laws, traditions, and values.

Saving Rate

The proportion of income that is not spent on consumption but is instead saved or invested.

Productivity

The evaluation of production effectiveness, frequently expressed through the proportion of outputs relative to inputs within the production workflow.