John and Sarah Are Both Adolescents Who Experienced Severe Neglect

question 16

True/False

John and Sarah are both adolescents who experienced severe neglect as infants and toddlers.John has dropped out of high school and developed a significant substance abuse problem,while Sarah is class president and an honor roll student.This is an example of the concept of equifinality.

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Definitions:

Marginal Utility

This concept describes the additional satisfaction or utility a consumer receives from consuming one more unit of a good or service.

Total Utility

The complete satisfaction or benefit a consumer receives from consuming a certain amount of goods or services.

Diminishing Marginal Utility

A common economic concept stating that as a person consumes more of a product, the satisfaction (utility) gained from each additional unit decreases.

Total Utility

It is the total satisfaction or benefit that a consumer derives from consuming a certain quantity of goods or services.