Examlex
A surface composed of deeply weathered bare limestone is called __________.
Utility Maximization
An economic principle where individuals or institutions make choices to achieve the highest satisfaction or benefit from their resources.
Equilibrium
A state in which market supply and demand balance each other, and as a result, prices become stable.
MU/P Ratio
The ratio of marginal utility (MU) to price (P), used to determine the optimal consumption point where consumer satisfaction per unit of cost is maximized.
Marginal Utility
The heightened benefit received from using one more unit of a good or service.
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