An Attribute for an Object Which Can Be Used to Uniquely

question 35

Short Answer

An attribute for an object which can be used to uniquely identify that object is called a(n)_______.​

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Definitions:

Utility Function

Reflects the consumer's preferences, assigning values to combinations of goods and services to indicate the satisfaction gained from them.

Compensating Variation

An economic concept that quantifies the amount of money needed to compensate someone for a policy change, maintaining their original utility level.

Consumption

The process by which goods and services are utilized by individuals or households to satisfy their needs and wants.

Utility Function

A mathematical representation that assigns numerical values to different bundles of goods, showing the satisfaction or utility those goods generate for a consumer.