Examlex
Instructions: Identify the following terms.
the Brezhnev Doctrine
Quasilinear Preferences
Preferences where the utility function is linear in one argument, often money, which allows for easy analysis of changes in welfare from different quantities of goods.
Consumer's Surplus
The variance between what consumers are prepared and capable of spending for a product or service and the actual sum they end up paying.
Price of X
The cost or monetary value associated with acquiring, producing, or selling a good or service named X.
Quasilinear Preferences
Preferences characterized by a linear relationship in one good and non-linear in others, implying constant marginal utility for the linear good.
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