Examlex
Select the word or phrase that best matches the definition or example.
-The idea that members of higher castes must adhere to strict regulations limiting or forbidding their contact with objects and members of lower castes to preserve their own caste standing and their relationship with the gods.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, leading to consumers replacing more expensive items with less costly alternatives.
Diminishing Marginal Utility
The principle that as more of a good or service is consumed, the additional satisfaction or utility gained from consuming an additional unit declines.
Total Utility
The total satisfaction or benefit received by consuming a given total quantity of a good or service.
Utils
A theoretical unit of measurement used in economics to represent satisfaction or utility obtained by consuming goods and services.
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