Which Are Terms Used by an Economist

question 139

Multiple Choice

Which are terms used by an economist

• A)vector spaces and axioms
• B)torts and venues
• C)ego and cognitive dissonance
• D)consumer surplus and deadweight loss

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Definitions:

Utility Schedule

A table or chart displaying various combinations of goods or services and the utility or satisfaction obtained from each combination.

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Utility Schedule

A table or graph that displays an individual's or group's satisfaction or utility levels derived from consuming different amounts of a good or service.

Candy Bars

Confectioneries usually consisting of some type of chocolate and other additives like nuts, caramel, nougat, or wafers, marketed as snacks or desserts.