_______ Change Has the Potential to Have a Major Impact

question 25

Multiple Choice

_______ change has the potential to have a major impact on business and society. Many commentators argue that human activity is hastening the depletion of the ozone layer and impacting negatively on our ecology.

• A)Demographic
• B)Climate
• C)Cultural
• D)Social

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Definitions:

Utility Equilibrium

A state in consumer theory where a consumer efficiently allocates their income to maximize their total utility.

Marginal Utility Data

Marginal utility data refers to information that describes the change in utility or satisfaction a consumer derives from consuming one additional unit of a good or service.

Utility Maximization

The process by which individuals allocate their resources to maximize their subjective well-being or satisfaction.

Marginal Utility

The change in total satisfaction or utility that a consumer receives from consuming one additional unit of a good or service.