Examlex
A questionnaire contained a question regarding marital status. The respondent checked single, married, divorced, separated or widowed. What is the scale of measurement for this question?
Total Utility
The total satisfaction or benefit received by consuming a product or service.
Budget Line
A graphical representation showing all possible combinations of two goods or services that a consumer can afford with their income, given the prices of the goods.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, indicating the same level of satisfaction.
Marginal Utility
The extra pleasure or benefit obtained from the consumption of an additional unit of a product or service.
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