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Indifference Curve
A graph that shows different combinations of two goods or services among which a consumer is indifferent, illustrating preferences and trade-offs.
Total Utility
The total satisfaction received from consuming a certain amount of goods or services.
Marginal Rate of Substitution
The rate at which a consumer is willing to give up one good in exchange for another good, while keeping overall utility constant.
Substitution Effect
A shift in consumer behavior as a result of alterations in the comparative costs of products, resulting in the replacement of one product for another.
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