Examlex
Which one of the following was created in order to protect minorities from majority tyranny?
Diminishing Marginal Utility
The principle that as a consumer increases consumption of a good or service, the incremental satisfaction gained from consuming each additional unit decreases.
Purchasing Decisions
Purchasing decisions involve the process by which consumers or organizations make choices about which products or services to buy, influenced by factors such as price, quality, and personal preferences.
Marginal Utility
The boost in happiness or utility a consumer gets from buying one more unit of a product or service.
Utility Maximization
The economic principle that individuals seek to obtain the highest level of satisfaction or utility from their consumption choices, given their preferences and constraints.
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