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Oil spilled into the ocean does not easily disperse, but rather clumps into an oil slick. Which of the following explains why this occurs?
Utility Function
A representation in economics that quantifies an individual's preference for certain goods or services, allowing for the assessment of satisfaction or happiness.
Min Function
A mathematical function that returns the smallest value among its arguments.
Income
The amount of money received over a certain period of time through work, business, investments, or other sources.
Price of X
The specific cost associated with acquiring good or service X, subject to market conditions and demand.
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