Examlex
The range of shades of gray between black and white on an image is called:
Transitive Preferences
A concept in decision theory where if a person prefers option A over B and B over C, then the person also prefers A over C.
Transitive Indifference
Transitive indifference refers to a situation in consumer preference theory where if a consumer is indifferent between goods A and B and also between goods B and C, then the consumer is equally indifferent between goods A and C.
Strict Preference
An economic term indicating a consumer's stronger liking for one option over another, with no indifference between the two.
Convex Preferences
In consumer theory, a situation where the consumer prefers an average of two goods or bundles to either one of the extremes, indicating a desire for diversified choices.
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