What Is Public Relations

question 11

Short Answer

What is public relations?

---

Definitions:

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.

Utility Function

A representation of how a consumer ranks different bundles of goods according to their level of satisfaction or utility.