Taxonomy Does Not Involve ______

question 59

Multiple Choice

Taxonomy does not involve ______.

• A)classification
• B)a common name
• C)nomenclature
• D)identification

---

Definitions:

Responsiveness of Price

The degree to which the demand or supply of a product changes in response to a change in price.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.

Market Price

is the current price at which a product, security, or commodity can be bought or sold in a marketplace.

Value

An individual’s value for a good or service is the amount of money he or she is willing to pay for it.