Which Discipline Is Often Defined as the Study of Production

question 34

Multiple Choice

Which discipline is often defined as the study of production and consumption?

• A) Philosophy
• B) Psychology
• C) Economics
• D) Management
• E) Anthropology

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Definitions:

Total Utility

The total satisfaction received from consuming a given total quantity of a good or service.

Marginal Utility

The additional satisfaction or benefit received by consuming one more unit of a good or service.

Consumer Demand Curve

illustrates the relationship between the price of a good or service and the quantity demanded by consumers over a period, typically showing an inverse relationship.

Diminishing Marginal Utility

The principle that says the additional satisfaction a consumer gains from consuming one more unit of a good or service will lessen with each additional unit consumed.