The Value of Constructs Is That They

question 74

Multiple Choice

The value of constructs is that they

• A) help us to gratify our instincts.
• B) help us to impose order and regularity on the world.
• C) are associated with affect and motivation.
• D) all of the above.

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Definitions:

Diamond-Water Paradox

A paradox highlighting the contradiction between the high value of non-essential items, like diamonds, and the low value of essential items, like water, mainly explained by the differences in marginal utility and scarcity.

Total Utility

The overall satisfaction or value a consumer gets from consuming a certain quantity of goods or services.

Marginal Utility

The added satisfaction a consumer gets from having one more unit of a good or service.

Demand Schedule

A table that lists the quantity of a good or service demanded by consumers at various price levels.