The Largest Component of Current Consumption Expenditure Is ________,While the Most

question 52

Multiple Choice

The largest component of current consumption expenditure is ________,while the most volatile component is ________.

• A)durable goods,nondurable goods
• B)durable goods,services
• C)services,durable goods
• D)services,nondurable goods
• E)nondurable goods,services

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Definitions:

Marginal Utility

The supplementary satisfaction or advantage a consumer experiences by using one more unit of a good or service.

Diminishing

Refers to the principle where additional units of input result in progressively smaller increases in output, often applied in the context of diminishing marginal returns in production.

Dozen Oysters

A quantity of oysters amounting to 12 units, often used in the context of serving or purchasing seafood.

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a certain quantity of goods or services.