Examlex
The boiling point of liquid argon is 87.3 K.What is the boiling point in Celsius degrees?
Preferences
Describes individuals' choices and priorities among different bundles of goods and services.
Indifference Curves
A graph showing a series of lines that represent different bundles of goods between which a consumer is indifferent.
Diminishing Marginal
Refers to a principle where the marginal gain (such as utility or productivity) from an additional unit decreases as more units are consumed or produced.
Transitivity
Transitivity in decision-making implies that if a person prefers option A over B, and B over C, then the person should also prefer A over C, forming a consistent order of preferences.
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