Tolbert,zucker and Later Kuhn Describe a Process of Institutionalization Which

question 9

Multiple Choice

Tolbert,zucker and later Kuhn describe a process of institutionalization which involves which of the following:

• A)innovation
• B)habitualization
• C)sedimentation
• D)objectification
• E)all of the above

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Definitions:

Consumer Equilibrium

A state where an individual consumer has optimized their utility, given their budget constraints, choosing the best possible goods or service mix.

Budget Constraint

The limits placed on the consumption choices of individuals by their income and the prices of goods and services.

Utility

An indicator of pleasure or contentment obtained from the acquisition and use of products and services.

Utils

A theoretical unit of measurement used in economics to quantify the amount of utility or satisfaction derived from consuming goods and services.