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Transitive Indifference
Transitive indifference refers to a situation in consumer preference theory where if a consumer is indifferent between goods A and B and also between goods B and C, then the consumer is equally indifferent between goods A and C.
Strict Preference
An economic term indicating a consumer's stronger liking for one option over another, with no indifference between the two.
Convex Preferences
In consumer theory, a situation where the consumer prefers an average of two goods or bundles to either one of the extremes, indicating a desire for diversified choices.
Midterm Examinations
Exams given roughly halfway through an academic term to assess students' understanding of the course material.
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Q48: Under a strict utilitarian approach, it is
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