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Marginal Utility
Marginal utility is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Utility Maximization
A theory in economics that suggests consumers will allocate their resources to maximize their utility or satisfaction given their income and the prices of goods and services.
Consumption Good
A good that is utilized by consumers to satisfy their current wants or needs.
Utility Function
A mathematical representation of how consumers rank different bundles of goods or services according to their level of satisfaction or utility.
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