Examlex
The models of perfect competition and monopoly are the most realistic.
Utility-Maximizing
The principle or practice of selecting goods and services for consumption to achieve the highest level of overall satisfaction or happiness.
Marginal Utility
The boost in satisfaction or usefulness experienced from consuming an additional unit of a good or service.
Hypothetical Consumer
An assumed average consumer used in economic and marketing models to predict the behavior of consumer populations.
Utility-Maximizing
A principle in economics whereby individuals seek to optimize their satisfaction or happiness through the consumption of goods and services.
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