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Perfect tense
Marginal Utility
The change in satisfaction or utility a consumer receives from consuming an additional unit of a good or service.
Utility-maximizing
The economic principle that individuals or firms seek to get the highest satisfaction or profit from their resources and choices.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.
Law of Diminishing
The principle that states that as one input variable is incrementally increased, there will be a point at which the added output per unit of input will start to decrease, holding all other inputs constant.
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