Examlex
Why might a member of Congress engage in casework?
Convex Preferences
A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.
Indifference Curve
A graph showing a combination of two goods that give a consumer equal satisfaction and utility, demonstrating the consumer's preference.
Optimal Consumption
The most efficient allocation of resources and consumption choices based on individual preferences, maximizing utility.
Utility Function
A representation of how a consumer ranks different bundles of goods according to their level of satisfaction or utility.
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