Examlex
In a study described in the textbook,3- to 5-year-old children made moral judgments about the behaviour of a person in which actions,outcomes,and intentions were varied.What did the researchers discover?
Marginal Utility
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service, which tends to decrease as more units are consumed.
Individual Demand
This refers to the quantity of a good or service that a single consumer is willing and able to purchase at various prices, holding other factors constant.
Normal Good
A type of good for which demand increases when income increases, and falls when income decreases, but price remains constant.
Inferior Good
A type of good for which demand decreases as the income of individuals or the economy increases, opposite to what is observed with a normal good.
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