A Multilevel Classification System Based on Common Properties Among Items

question 102

Multiple Choice

A multilevel classification system based on common properties among items is called

• A) a script.
• B) a schema.
• C) a conceptual hierarchy.
• D) a mnemonic device.

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Definitions:

Price

The amount of money expected, required, or given in payment for something.

Commodity X

A placeholder name for a generic commodity or product in economic models or discussions.

Commodity Y

A generic placeholder term used to refer to any tradable item that satisfies wants or needs, but without specifying the item.

Marginal Rate of Substitution

The speed at which a consumer is prepared to exchange one product for a different one while keeping their level of satisfaction constant.