The Standard Unit of Time in the Mks System Is

question 118

Multiple Choice

The standard unit of time in the mks system is the

• A) meter
• B) kilogram
• C) second
• D) minute
• E) microsecond

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Definitions:

Marginal Rate of Substitution

The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.

Convex Preferences

A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.

Indifference Curve

A graph showing a combination of two goods that give a consumer equal satisfaction and utility, demonstrating the consumer's preference.

Optimal Consumption

The most efficient allocation of resources and consumption choices based on individual preferences, maximizing utility.