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In Response to Reports of a Potential Slave Uprising in 1822,South

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In response to reports of a potential slave uprising in 1822,South Carolina passed a law which


Definitions:

Marginal Utility

The surplus satisfaction or utility experienced by an individual from consuming an extra unit of a particular good or service.

Utility Maximization

The process by which individuals allocate their resources to maximize their satisfaction or utility.

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the additional satisfaction or utility that person gains from consuming one more unit of the product.

Additional Utils

The extra satisfaction or utility a consumer receives from consuming one more unit of a good or service.

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