In Economics, the Term ________ Means "Additional" or "Extra

question 238

Multiple Choice

In economics, the term ________ means "additional" or "extra."

• A)allocative
• B)marginal
• C)equity
• D)optimal

Understand the implications of universal and particular premises in syllogisms.

Infer missing premises in enthymemes based on given conclusions.

Appreciate the traditional view of existential import in logic.

Distinguish between the effect of universal and particular propositions on Venn diagrams.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market balance.

Price Gouging

Price gouging occurs when a seller increases the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair, often during a demand spike caused by a crisis.

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, typically above the equilibrium market price to maintain a fair or sustainable market condition.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.