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The empirical rule states that, for data having a bell-shaped distribution, the portion of data values being within one standard deviation of the mean is approximately _____.
Total Utility
The total satisfaction or benefit received by consuming a product or service.
Budget Line
A graphical representation showing all possible combinations of two goods or services that a consumer can afford with their income, given the prices of the goods.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, indicating the same level of satisfaction.
Marginal Utility
The extra pleasure or benefit obtained from the consumption of an additional unit of a product or service.
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