Economic Variables Whose Values Are Measured in Goods Are Called

question 171

Multiple Choice

Economic variables whose values are measured in goods are called

• A)dichotomous variables.
• B)nominal variables.
• C)classical variables.
• D)real variables.

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Definitions:

High Price

Refers to goods or services being sold at a rate above the average market value, often due to high demand, low supply, or premium quality.

Marginal Utility

Marginal utility represents the additional satisfaction or benefit a consumer gains from consuming one more unit of a good or service.

Total Utility

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

Total Utility

Full contentment gained from the intake of a particular total volume of a good or service.