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Utility Function
A mathematical representation that assigns a value to every possible choice to indicate the level of satisfaction or utility that choice provides to a consumer.
Demand
The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
Income
Remuneration obtained regularly through employment or investment activities.
Demand
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.
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