Examlex
The organization of incoming sensory stimuli put together with past or stored information is called:
Utility-maximizing Combination
This refers to a situation where a consumer selects a combination of goods and services that provides the highest level of satisfaction or utility, given their budget constraint.
Marginal Utilities
The increased contentment or value obtained by a consumer through the consumption of one extra unit of a good or service.
Diminishing Marginal Utility
The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
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