Examlex
You are reading a study which randomly selected subjects from three randomly selected zip codes. You know this is an example of what type of sampling methodology?
Total Utility
The complete gratification gained from the use of a certain quantity of goods or services.
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.
Marginal Utility
The additional satisfaction or utility gained from consuming an extra unit of a good or service.
Water-Diamond Paradox
A concept in economics that questions why diamonds are more expensive than water despite water being essential for survival and diamonds not.
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