Elijah Has Just Eaten His Second Popsicle

question 35

Multiple Choice

Elijah has just eaten his second popsicle.Using the concept of marginal utility,we can say:

• A)the utility he will gain from his third will reduce his total utility.
• B)the utility he will gain from his third might reduce his total utility.
• C)the utility he will gain from his third will likely be less than that of his second.
• D)Both b and c are true.

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Definitions:

Mortality

The state of being mortal or the incidence of death within a population.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured as the percentage increase in real gross domestic product (GDP).

Postindustrial Period

a stage in societal development that occurs after the industrial period, characterized by an economy focused more on services than on manufacturing.

Mature Industrial

Pertains to an industrial phase characterized by stable growth, well-established industries, and lower levels of innovation compared to earlier growth phases.