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On your way to class, you decide to cross a busy street but fail to notice a fast-moving car coming toward you. When you do see the car, your heart rate and breathing increase, and you feel a burst of energy that helps you quickly move to the sidewalk. Describe how your nervous system was able to process the sight of the car with the need to move your legs.
Marginal Utility
The supplementary contentment or advantage received from the consumption of one more unit of a product or service.
Total Utility
The total satisfaction received by a consumer from consuming a certain quantity of goods or services.
Labor Supply Curve
A graphical representation showing the relationship between the wage rate and the quantity of labor that workers are willing to offer at different wage rates.
Income Effect
The change in an individual's consumption patterns resulting from a change in their real income.
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