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Transitive Preferences
A condition in decision-making where if an individual prefers option A over B, and B over C, then they must also prefer A over C.
Characteristics
Distinctive features or qualities that define a person, object, or phenomenon.
Utility Function
A mathematical representation of a consumer's preference, showing the level of satisfaction or utility derived from different bundles of goods and services.
Indifference Curve
A curve that shows the different bundles of goods between which a consumer is indifferent, highlighting the trade-offs a consumer is willing to make.
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