Voices on the Conservative Side of the Ideological Spectrum of American

question 13

Multiple Choice

Voices on the conservative side of the ideological spectrum of American politics tend to take a moral stance on many social problems and often insist on ________ for solving them.

• A)philosophical debates
• B)intellectual probings
• C)individual responsibility
• D)public or government intervention
• E)private or market solutions

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Definitions:

Duality

Alternative way of looking at the consumer’s utility maximization decision: Rather than choosing the highest indifference curve, given a budget constraint, the consumer chooses the lowest budget line that touches a given indifference curve.

Marginal Utilities

Refers to the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Lagrangian Multiplier

A method employed in constrained optimization issues to identify the function's maximum or minimum while adhering to certain restrictions.

Marginal Utility

The additional satisfaction or utility that a consumer gains from consuming one more unit of a good or service.