The Consumer Optimum

question 48

Multiple Choice

The consumer optimum

• A) occurs when utility declines as consumption increases.
• B) is the additional satisfaction derived from consuming one more unit of a good or service.
• C) is the combination of goods and services that maximizes utility for a given income.
• D) occurs when a consumer buys more of a good as a result of a relative price change.
• E) occurs when there is a change in purchasing power as a result of a change in the price of a good.

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Definitions:

Scientific Management

A management theory developed by F.W. Taylor, emphasizing efficiency and productivity by systematically studying work processes and establishing standards.

Vertical Loading

Vertical Loading is a job design technique that involves adding more responsibilities and decision-making authority to an employee's role.

Overspecialized Work

Work that is highly focused or narrow in scope, potentially limiting a person’s skills and adaptability to other professional areas.

Task Activities

Specific actions or operations performed by individuals or groups to achieve a particular objective.