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Consider a consumer who spends all income on only two goods: pizza and soda. An extra slice of pizza would give the consumer 60 extra utils, while an extra can of soda would give the consumer 20 extra utils. Pizza costs $3 per slice, and soda costs $1 per can. In this situation, the consumer:
Tangible
Physical or material assets that can be seen, touched, or measured, in contrast to intangible assets like intellectual property or brands.
World Trade Organization
An international organization that regulates international trade, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.
Unethical Conduct
Conduct by individuals or organizations that violates moral or professional norms, often resulting in negative consequences.
Core Competency
A defining skill or advantage that distinguishes an organization from its competitors.
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