Examlex
Federal law regulates the use of such terms as low fat on food labels.
Optimal Consumption Bundle
The consumption bundle that maximizes a consumer’s total utility given that consumer’s budget constraint.
Budget Constraint
The limitation on the consumption bundles that a consumer can afford, based on income and prices.
Marginal Utility
The additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.
Iced Tea
A chilled form of tea, often sweetened and served with ice, popular as a refreshing beverage.
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