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The figure shown below immediately reveals that
Newly Introduced Product
A product that has recently been launched into the market, often featuring new or innovative characteristics.
Existing Product
A product that has already been developed and is available in the market for consumers.
Marginal Utility
The additional satisfaction or utility gained by consuming an additional unit of a good or service.
Consumer's Income
The total amount of money earned by an individual or household, influencing their purchasing decisions and capacity.
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