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Compressions and rarefactions normally travel in
Utility Function
A mathematical representation of how consumer preference over a set of goods and services translates into choices given constraints, like income.
Tape Recorders
Devices used for recording sound onto magnetic tape.
Inferior Good
A type of good for which demand decreases as the income of individuals increases, in contrast to normal goods.
Rational Consumer
An economic concept where consumers aim to maximize their utility or satisfaction from their available resources.
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