After Watching a Movie,Alan Chooses Not to Watch a Second

question 35

Multiple Choice

After watching a movie,Alan chooses not to watch a second and goes for a walk instead.Economists could explain his choices using the concept of:

• A) budget constraints.
• B) diminishing marginal utility.
• C) income effect.
• D) substitution effect.

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Definitions:

Professional Goals

Professional goals are objectives that an individual sets to guide their career progress, including short-term and long-term ambitions related to their professions, such as acquiring new skills or achieving certain positions.

Ethical Issue

An issue or circumstance necessitating the choice between options by an individual or institution, which must be judged as ethical (right) or unethical (wrong).

Stakeholders

Individuals or groups affected by or having an interest in the operations and decisions of a business or project.

USMCA

The United States-Mexico-Canada Agreement, a free trade deal replacing NAFTA to facilitate fair trade among these North American countries.