Examlex
Mass marketing means developing products and promotions using little segmentation.
Marginal Rate
Refers to the rate at which one quantity changes with respect to a change in another quantity, commonly used in the context of taxes and interest rates.
Substitution Effect
The change in consumption of goods in response to a change in their relative prices, holding the consumer's level of utility constant.
Total Utility
The total satisfaction or benefit that a person derives from consuming a certain quantity of goods or services.
Budget Line
A graphical representation of all possible combinations of two goods that a consumer can purchase at given prices and within a fixed budget.
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