Examlex
Suppose Alice receives 150 utils from consuming one hamburger and 70 utils from consuming a second hamburger. What is the marginal utility of the second hamburger?
Shift To The Left
A term used in economics to describe a decrease in supply or demand, represented graphically by a leftward shift of the supply or demand curve.
Monopolistically Competitive
An economic setup in which a variety of businesses market goods that are comparable yet distinct, enabling them to have some market control and differentiate their offerings.
Guaranteed A Profit
An assurance that an investment or business endeavor will yield a positive return or profit.
Long Run
In economics, a period in which all inputs, including capital, can be fully adjusted, allowing firms to change their scale of operation.
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