Examlex
Explain the common viewpoints of liberals and conservatives in criminal justice policy.
Marginal Utility
The change in total utility a person receives from consuming an additional unit of a good or service.
Utility Function
A mathematical representation that ranks an individual's preferences over a set of goods and services, based on the level of satisfaction or utility derived.
Optimal Utility Rule
A principle in consumer theory stating that consumers allocate their income in a way that maximizes their total utility, given their budget constraint.
Indifference Curve
A graph representing combinations of goods or services among which a consumer is indifferent, showing the same level of utility for each point along the curve.
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