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A Two-Year-Old Has Just Figured Out That the Soft, Furry

question 76

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A two-year-old has just figured out that the soft, furry, four-legged creatures that she loves so much are "cats." Her mental representation of this category is called a:


Definitions:

Marginal Utility

The additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product or service.

Diminishing

A principle often seen where there is a decrease in the marginal (incremental) output of a production process as the amount of a single factor of production increases while others remain constant.

Donut

A fried dough confectionery or dessert food, usually sweet, and often served with a variety of toppings or fillings.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.

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