ECO719
Question: is defined as the level of happiness or satisfaction connected with alternative choices
Answer: Utility
Question: A basic assumption of microeconomics is that because a does not have an unlimited budget, his or her available cash for spending must be judiciously allocated for maximum benefit
Answer: consumer
Question: is also the study of consumers, groups, or organisations and the processes they use to select, secure, and dispose of goods, services, experiences, or ideas to satisfy needs and the effects that these processes have on the consumer and society
Answer: Consumer behaviour
Question: A buys a good only if the purchase is expected to makes the person better off or at least not worse off.
Answer: consumer
Question: Consumers buy goods because they get from them
Answer: satisfaction
Question: utility is the total satisfaction obtained from all units of a particular commodity consumed over a period of time
Answer: Total
Question: The consumer is considered to be a rational person, who tries to spend his or her money to derive the maximum amount of satisfaction, or from it.
Answer: utility
Question: utility means an additional or incremental utility
Answer: Marginal
Question: If a consumer equally prefers two product bundles, then the consumer is between the two bundles
Answer: indifferent
Question: is best defined as the structural/organisational and other characteristics of a market
Answer: Market structure
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