Examlex
In ____,the majority of people around the world lived in urban areas for the first time in history.
Indifference Curve
A curve that shows consumption bundles that give the consumer the same level of satisfaction
Absolute Price
The price of a good or service without taking inflation or purchasing power into account.
Indifference Curves
A graph showing different bundles of goods between which a consumer is indifferent, pointing out the preferences of the consumer for one combination of goods over another.
Bowed Inward
A description often used in economics to illustrate a production possibility frontier that indicates increasing opportunity costs for producing goods.
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