Examlex
What is the difference between cognitive laboratory interviewing and field pretesting? When is each set of methods used? What purposes and information does each form of pretesting provide?
Marginal Utility
The supplementary enjoyment or value derived from the use of one more unit of a good or service.
Hypothetical Consumer
A theoretical representation of an average or typical consumer used in economic models to predict the behavior of consumers under different market conditions.
Total Utility
The total enjoyment gained from the use of a particular cumulative amount of a product or service.
Average Cost Curve
A graphical representation showing how the average cost of production changes as the quantity of output is increased.
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