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Edmund is a Cub Scout.While on a camping trip,the scout leader tells the boys to stay away from the lake.Some of the scouts ignore the leader and go fishing by the lake anyway.Edmund wants to do what the leader tells him and believes that good behaviors are rewarded whereas bad behaviors are punished.Which level of moral reasoning is he in?
Budget Constraint
A budget constraint represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.
Marginal Utility
The incremental enjoyment or value obtained from consuming an extra unit of a good or service.
Income-Consumption Curve
A graph that shows how a consumer's optimal bundle of goods changes as their income changes, all else being constant.
Marginal Utility
The change in satisfaction or utility gained from consuming an additional unit of a good or service.
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