Examlex
After hearing a new song several times, the song begins to appeal to you and you begin to like it more.This is an example of:
Marginal Benefit (MB) Curves
Graphs that show the additional benefit received from consuming one more unit of a good or service.
Law of Diminishing Marginal Utility
The Law of Diminishing Marginal Utility states that as a person consumes more of a product, the satisfaction (utility) gained from consuming each additional unit decreases.
Slope Downward
A graphical representation indicating a decrease or decline in a variable as another variable increases, common in supply and demand curves.
Coase Theorem
A principle in economics that suggests that if property rights are well-defined and trade is possible without cost, parties can negotiate to resolve externalities or conflicts over resource allocation efficiently themselves.
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