___________ Means One Thing Literally but Is Taken to Mean

question 13

Multiple Choice

___________ means one thing literally but is taken to mean something different.

• A) felicity
• B) pragmatic theory
• C) relation
• D) figurative language

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Definitions:

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, creating a balanced market situation.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, at a given point in time.

Supply

The total amount of a good or service available for purchase at any given price.

Surplus

The situation where the quantity of a good or service supplied exceeds the quantity demanded, often causing downward pressure on price.