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More than 50 percent of the British population lived in cities by
Endowed
Furnished or provided with a particular quality, ability, or asset.
Contract Curve
In an Edgeworth Box diagram, the locus of points representing the set of mutually beneficial allocations between two parties.
Edgeworth Box
A diagram used in microeconomics to show the distribution of resources between two consumers on a two-good world, demonstrating how trade can lead to Pareto improvements.
Utility Function
A mathematical representation that ranks individuals' preferences for bundles of goods or services, indicating levels of satisfaction.
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