Examlex
Review the restrictions placed on voting throughout American history. Explain how these restrictions have been eliminated.
Rational Consumer
An economic concept describing an individual who makes choices that maximize their utility or benefit, based on their preferences and constraints.
Utility Function
A mathematical representation used in economics to model the preference or satisfaction a consumer derives from consuming goods and services.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.
Income Effect
The change in an individual's or market's consumption resulting from a change in real income.
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