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According to Reynald (2011), Guardianship in Action Requires Three Conditions

question 22

Multiple Choice

According to Reynald (2011) , guardianship in action requires three conditions: (1) ____________, (2) __________, and (3) willingness to intervene directly should a need arise.


Definitions:

Ordinal Utility Function

Utility function that generates a ranking of market baskets in order of most to least preferred.

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget and prices.

Slope

The rate at which a line or curve inclines or declines, indicating the steepness.

Preferences

The subjective tastes and desires that guide consumers in making their choice among various goods and services.

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