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Strictly Convex Preferences
Preferences that demonstrate a consumer's increasing marginal rate of substitution, indicating a strong preference for diversified bundles of goods over homogeneous bundles.
Indifference Curves
Graphs representing different bundles of goods between which a consumer is indifferent, showing the combinations of goods that provide the same level of utility to the consumer.
Marginal Utility
The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.
Competitive Equilibrium Price Ratio
The ratio of prices that ensures the equality of supply and demand in a competitive market, often used to observe relative price changes between commodities.
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