Examlex
Which of the following is NOT true of memory?
Consumption Good
A good that is utilized by consumers to satisfy their current wants or needs.
Utility Function
A mathematical representation of how consumers rank different bundles of goods or services according to their level of satisfaction or utility.
Budget Constraint
The limitation on the consumption bundles that a consumer can afford given their income and the prices of goods.
Optimum Market Basket
The combination of goods and services that maximizes a consumer’s utility for a given income and prices, representing the most preferred point on their budget line.
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