Examlex
A unit of measure commonly used to quantify liquid flow is gpm. What does gpm stand for?
Risk-Averse
A characteristic of individuals who prefer to avoid risk and would rather choose an option with a more certain but possibly lower return over an uncertain option with a potentially higher return.
Total Utility
The total satisfaction received from consuming a certain quantity of goods or services.
Increasing Marginal Utility
A situation in which each additional unit of a good or service consumed provides more utility or satisfaction than the previous one.
Diminishing Marginal Utility
The economic principle stating that as a person consumes more of a good, the additional satisfaction gained from each additional unit of that good decreases.
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