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When does boundary lubrication occur?
Convex Preferences
A set of consumer preferences that exhibit a specific property where mixtures of goods are preferred over singular extremes, displaying a curve outward towards the origin on a utility graph.
Weakly Convex
Describes a curve or set in geometry and mathematical functions that bulges outward less sharply than a perfectly convex shape, often applied in optimization problems.
Convex Preferences
A representation in economics of a consumer preference structure where a mix or combination of two goods is preferred over either of the two goods alone, indicating a desire for diversification.
Indifference Curves
A graphical representation of different bundles of goods between which a consumer is indifferent, showing the same level of satisfaction or utility for each point on the curve.
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