A Web Service Is an Open-Standards Way of Supporting Interoperability

question 60

True/False

A web service is an open-standards way of supporting interoperability.

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Definitions:

Marginal-Utility Schedules

Charts or tables that represent the additional satisfaction or utility a consumer gains from consuming an additional unit of a good or service.

Utility Maximization

A principle in economics that suggests individuals and firms seek to allocate their resources in a way that maximizes their satisfaction or utility.

Diminishing Marginal Utility

A principle stating that as a person consumes more units of a particular good or service, the satisfaction (utility) gained from consuming each additional unit decreases.

Income Effect

Variations in income for either a person or the economy as a whole, and how these variations influence the demand for specific goods or services.