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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.
Budget Constraints
The limitations on the consumption bundles that a consumer can afford based on their income and the prices of goods.
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