The Additional Satisfaction Received by a Consumer as a Result

question 31

Multiple Choice

The additional satisfaction received by a consumer as a result of undertaking an action is:

• A)the opportunity cost.
• B)the marginal cost.
• C)the marginal benefit.
• D)the total benefit.
• E)the average benefit.

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Definitions:

Standardization

The development of uniform procedures for administering and scoring a test, and the creation of norms (performance standards) for the test.

Norms

Shared expectations or rules within a group or culture about how to behave.

Consistent Result

Outcomes or findings that are reliably reproducible under the same conditions, indicating reliability and validity in scientific or analytical experiments.

Objective Evaluation

The process of making a judgment based on impartial analysis of facts and evidence.