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Describe Spencer's adaptations and extensions of the theory of evolution.Why was his philosophy,particularly his concept of social Darwinism,so popular in the United States?
Rational Consumer
A consumer who systematically and logically evaluates available options to maximize their satisfaction or utility in decision-making processes.
Marginal Utility
The surplus enjoyment or utility obtained from the consumption of one extra unit of a good or service.
Budget Line
A line that shows the different combinations of two products a consumer can purchase with a specific money income, given the products’ prices.
Marginal Utility
The additional satisfaction or utility a consumer gets from consuming one more unit of a good or service.
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