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When a solution is diluted with water, the ratio of the initial to final volumes of solution is equal to the ratio of final to initial molarities.
Good Y
A symbolic representation often used in economics to denote a particular good or commodity in theoretical models and analyses.
Perfect Substitutes
Goods that can be used in place of each other with no loss of utility or preference by consumers.
Coke and Pepsi
Refers to a classic example of duopoly in economics, representing competition between two dominant firms in a market.
Perfect Complementarity
Refers to a situation in consumer choice theory where two goods are always consumed together in fixed proportions because one is perfectly complementary to the other.
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