Examlex
A supply curve slopes upward because quantity supplied is higher when price is higher.
Optimal Choice
The decision that yields the highest benefit or utility for an individual, considering constraints and available information.
Marginal Rate
In economics, it generally refers to the increase or decrease in the cost or benefit of producing one additional unit of a good or service.
Indifference Curves
Graphical representations in microeconomics to illustrate different combinations of two goods between which a consumer is indifferent.
Optimal Choice
The most efficient, beneficial, or highest utility decision or selection from among multiple alternatives given the available information.
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