Examlex
What is competitive intelligence? Discuss how it is used and provide an example.
Substitute Products
Goods or services that can be used in place of one another, where the increase in price of one leads to an increase in demand for the other.
Total Utility
The total amount of satisfaction derived from the consumption of a single product or a combination of products.
Marginal Utility
The additional satisfaction or benefit obtained from consuming one more unit of a good or service.
Consumer's Income
The total amount of income a person earns from work, investments, and other sources, influencing their purchasing power and demand for goods.
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