When a Single Fact Is So Significant That If It

question 5

True/False

When a single fact is so significant that if it were changed, the outcome of the case would change, it is referred to as a primary key fact.

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Definitions:

Marginal Rate

A rate that indicates the change in a variable (such as cost, revenue, or tax) as its underlying factor changes incrementally.

Substitution

The action of replacing one good or service with another based on changes in relative prices, incomes, or preferences.

Indifference Curve

A graph showing different combinations of two goods that provide the same level of utility or satisfaction to a consumer.

Utility

In economics, a measure of satisfaction, usefulness or value that an individual gains from consuming goods and services.