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Explain the critique of Mill's harm principle.
Indifference Curve
A graph representing different bundles of goods between which a consumer is indifferent, showing combinations that provide the same level of satisfaction.
Substitution Effect
A concept in economics describing the change in consumption resulting from a change in the price of one good relative to the price of other goods.
Giffen Goods
A type of good for which demand increases as the price increases, and falls when the price decreases, violating the basic law of demand in economics.
Law of Demand
A fundamental principle stating that all else being equal, as the price of a good increases, the quantity demanded of that good decreases, and vice versa.
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