A(n) ________ Defines the Form or Protocol of an Operation

question 94

Multiple Choice

A(n) ________ defines the form or protocol of an operation, but not its implementation.

• A) meta-operation
• B) inquisitor
• C) abstract operation
• D) operation descriptor

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods.

Upward-Sloping Demand

A theoretical market situation where, contrary to the typical downward-sloping demand curve, demand for a good or service increases as its price rises.

Ceteris Paribus

A Latin term meaning “other things constant” that is used when the effect of one change is being described, recognizing that if other things changed, they also could affect the result. Economists often describe the effects of one change, knowing that in the real world, other things might change and also exert an effect.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good and the actual market price they pay.