The Concept Based on the Assumption That We Get Bargains

question 124

Multiple Choice

The concept based on the assumption that we get bargains on each unit we purchase until the last one is called

• A)total utility.
• B)consumer surplus.
• C)marginal utility.
• D)the law of diminishing marginal utility.

Examine international perspectives on electronic transactions and agency authority.

Understand the concepts of agency, principals, and the liability of principals for agents' actions.

Grasp the legal consequences of different types of principals (disclosed, partially disclosed, undisclosed).

Recognize the consequences of an agent's actions on the principal's liability, including in tort and contract scenarios.

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Definitions:

Strategic Game

A situation or model in game theory in which players make decisions by strategically considering the choices and payoffs of other players.

Extensive Form

A representation of a game in game theory, illustrating the various choices available to players and the outcomes resulting from these choices in a tree-like structure.

One-Time Game

A strategic interaction where players make decisions once without the expectation of future interactions.