Examlex
Which of the following statements is correct?
Supply and Demand
The fundamental economic model describing the balance between the quantity of goods available and the desire of buyers for it.
Marginal Utility
The additional satisfaction a consumer gains from consuming one more unit of a good or service.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choice.
Consumption Time
The duration or period during which a consumer utilizes or enjoys a product or service.
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