Peruvian ____________________ Were Extremely Important to Andean Societies

question 33

Short Answer

Peruvian ____________________ were extremely important to Andean societies.

---

Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from participating in the market.

Utility

Utility refers to the total satisfaction received from consuming a good or service.

Diminishing Utility

The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.

Marginal Utility

The additional satisfaction or benefit obtained from consuming one more unit of a good or service.