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How Many CLAS Standards Are There

question 16

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How many CLAS standards are there?


Definitions:

Consumer Surplus

The variance between the price consumers intend to pay for a good or service and the price they actually incur.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.

Total Utility

The absolute gratification obtained from the utilization of a designated complete quantity of a good or service.

Total Utility

The total satisfaction received from consuming a certain amount of a good or service.

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