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What is multiculturalism?
Marginal Rate of Substitution
The exchange rate between goods that allows a consumer to trade off one product for another without altering their overall happiness.
Convex Preferences
A characteristic of consumer preference whereby a consumer prefers combinations or mixtures of goods over extreme amounts of single goods, displaying a preference for diversification.
Indifference Curve
A graph showing a combination of two goods that give a consumer equal satisfaction and utility, demonstrating the consumer's preference.
Optimal Consumption
The most efficient allocation of resources and consumption choices based on individual preferences, maximizing utility.
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