Whether the Amount Given Back Is Roughly the Same as What

question 2

Multiple Choice

Whether the amount given back is roughly the same as what was received, in the norm of reciprocity, is known as:

• A) immediacy.
• B) trust.
• C) granting.
• D) equivalence .
• E) interest.

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Definitions:

Bliss Point

The optimal quantity of consumption where any further increase or decrease would lead to a lower level of satisfaction for the consumer.

Indifference Curves

Graphical representations in microeconomics to illustrate different combinations of goods between which a consumer is indifferent.

Utility Function

A mathematical representation that ranks preferences or satisfaction levels consumers derive from different bundles of goods.

Perfect Substitutes

Products or goods that can replace each other perfectly with no loss of utility to the consumer.