Examlex
What is rational ignorance?
Consumption
The process of using goods and services to satisfy wants and needs.
Interest Rate
An interest rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan remaining.
Marginal Rate of Substitution
The rate at which a consumer is willing to substitute one good for another, maintaining the same level of utility.
Utility Function
A formula used by economists to map the degree of happiness or satisfaction one derives from consuming quantities of goods and services.
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