Juliana Is Part of an Online Science Group

question 9

Multiple Choice

Juliana is part of an online science group. Its members meet once every month to discuss the advancements in science and technology. During one of the meetings, she is introduced to several other members of the large online group. She finds these meetings interesting as she gets to meet people of different age groups and backgrounds. However, like the members of the group, she does not intend to spend much time with them or get to know them personally. Which of the following terms best describes this type of group?

• A) band
• B) crowd
• C) team
• D) squad

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Definitions:

Utility Maximization

The principle that individuals or firms seek to allocate their resources in a manner that maximizes their satisfaction or utility.

Money Income

Money income is the total amount of money earnings received by an individual or household, including wages, salaries, benefits, and investment income, before any deductions.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one additional unit of a good or service.

Consumer Equilibrium

occurs when a consumer has allocated their resources in such a way that maximizes their utility, given their budget constraint.