Examlex
Can you name two key indicators of a source's reliability/usefulness?
Utility Function
A mathematical representation of how different combinations of goods or services can provide different levels of happiness or satisfaction to a consumer.
Indifference Curves
A graph that represents combinations of goods among which a consumer is indifferent, showing different levels of utility.
L-shaped
Often used to describe demand or recovery curves that have a rapid decline followed by a period of stagnation.
Utility Function
A mathematical representation of how consumers rank different bundles of goods according to their levels of satisfaction.
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