Examlex
Match the following terms with their definitions.
-Price relative
Utility Function
A mathematical representation of how a consumer ranks different bundles of goods such that the higher the function's value, the higher the level of satisfaction.
Price Increase
A situation where the cost of goods or services rises over a period.
Loss of Income
A reduction or complete stoppage of earnings that an individual or entity faces due to various factors like unemployment, disability, or business interruption.
Cigars
Typically a tightly rolled bundle of dried and fermented tobacco that is smoked, considered a luxury good in many cultures.
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