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Instructions: Identify the Following

question 91

Essay

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Hiram Revels, Blanche Bruce


Definitions:

Substitute Products

Goods or services that can be used in place of one another, where the increase in price of one leads to an increase in demand for the other.

Total Utility

The total amount of satisfaction derived from the consumption of a single product or a combination of products.

Marginal Utility

The additional satisfaction or benefit obtained from consuming one more unit of a good or service.

Consumer's Income

The total amount of income a person earns from work, investments, and other sources, influencing their purchasing power and demand for goods.

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