Examlex
The retina is composed of four layers of cells, which are the pigmented cells, photoreceptor cells, bipolar cells, and the ganglion cells. Axons of the ganglion cells become the optic nerve.
Law of Diminishing
refers to the principle that as one consumes more of a good, the marginal utility (or satisfaction) obtained from consuming an additional unit decreases.
Substitution Effect
The substitution effect occurs when consumers replace more expensive items with less costly alternatives, influencing demand patterns as prices fluctuate.
Utility-maximizing
The economic principle whereby consumers adjust their consumption of goods and services to achieve the highest level of satisfaction or utility.
Downward-sloping
Downward-sloping describes a curve or line on a graph that exhibits a decline from left to right, often used to illustrate decreasing prices or quantities in economics.
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