An Opinion Based on Personal Preferences and Value Judgments Is

question 98

Multiple Choice

An opinion based on personal preferences and value judgments is called

• A) an objective concept.
• B) a subjective concept.
• C) an unintended consequence.
• D) ceteris paribus.

---

Definitions:

Production Function

An economic model that describes the relationship between inputs used in production and the output of those goods or services.

Supply Function

A mathematical model that illustrates the relationship between the supply of a good or service and its price, holding other factors constant.

Production Function

An equation that describes the relationship between inputs and the maximum output that can be produced with those inputs.

Competitive Markets

Market structures characterized by a large number of buyers and sellers, where no single participant has the power to significantly influence prices.