If Total Utility of a Good Is High While the Price

question 131

Multiple Choice

If total utility of a good is high while the price of the good is low, it is likely that the good

• A)is plentiful.
• B)is inferior.
• C)is rare.
• D)has high marginal utility.

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Definitions:

Catastrophic

describes an event causing sudden and extensive damage or suffering; often unforeseeable and with significant impact.

Reliability

The degree to which a system, component, or process consistently performs its intended function under specified conditions over time.

Function Properly

To function properly means to operate or perform as intended or expected, usually referring to machines, systems, or organs within living organisms.

System Reliability

The measure of a system's ability to perform its required functions under stated conditions for a specified period of time.