Examlex
When a car is driven,only about 10% of the high-quality chemical energy available in the gasoline is converted into mechanical energy to propel the vehicle.The remaining 90% is degraded to low quality heat that is released into the environment.This is an illustration of the Second Law of Thermodynamics.
Budget Line
A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.
Initially Consumed
Refers to the first set of goods or services that are used or consumed by an individual or entity.
Consumer's Budget Line
A graphical representation that shows all possible combinations of two goods that a consumer can purchase with a fixed budget.
Price Ratio
The relative price of one good or service compared to another, typically used in the analysis of consumer choice and budget allocation.
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