Examlex
When a consumer joins a network, the private demand curve _____ and the social demand curve _____.
Price
The price one must pay to obtain a good or service.
Claret
A term often used in British English to refer to red Bordeaux wine.
Utility Function
A mathematical representation of how different goods or bundles of goods provide satisfaction or utility to a consumer.
Substitution Effect
The change in the consumption of goods as a result of a change in their relative prices, holding the consumer's utility level constant.
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