A Person Is Said to Be in Consumer Equilibrium If

question 8

Multiple Choice

A person is said to be in consumer equilibrium if she

• A)equates marginal utilities per dollar spent.
• B)has diminishing marginal utility of money.
• C)purchases only normal goods.
• D)has an incentive to redirect her purchases.

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Definitions:

Ethical Responsibility

An individual's or entity's obligation to act in ways that are moral, right, and beneficial to society.

Virtue-Based Theories

Ethical theories that focus on the moral character of an individual as the key element of ethical thinking, instead of rules or consequences.

Leader's Character

Relates to the moral qualities and traits that define a person's leadership style and effectiveness.

Utilitarianism

An ethical theory that stipulates the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.