Examlex
Instructions: Please define the following key terms.
-Bubonic plague
Utilities Possibilities Frontier
A curve that represents the maximum utility levels that can be achieved by an economy given efficient allocation of resources.
Utility
In economics, the total satisfaction received from consuming a good or service.
Marginal Utility
The additional satisfaction or utility gained from consuming one more unit of a good or service.
Apples
In economic terms, apples can be used as an example commodity to discuss principles like supply, demand, and market equilibrium.
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