Examlex
What are the steps involved in designing a client/server application?
I. Design a communication protocol.
II. Test the server with the Telnet program.
III. Implement the server program.
IV. Write a client program.
Budget Line
A budget line represents the combinations of two goods that a consumer can purchase with a specific budget, given the prices of those goods.
Utility Maximization
The process by which individuals choose consumption bundles that maximize their overall satisfaction or utility, subject to their budget constraints.
Indifference Map
A graphical representation that shows different bundles of goods between which a consumer is indifferent, reflecting their preferences and consumption choices.
Consumer Utility
The satisfaction or benefit a consumer receives from consuming a good or service.
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