Examlex
Which of the following is true of the biosphere?
Income Effect
The change in an individual's consumption patterns due to a change in their real income, typically following a price change of goods.
Indifference Curve
A graph showing a combination of two goods that give a consumer equal satisfaction and utility, representing preferences without implying greater or lesser utility.
Convex
A shape that curves outward, or a mathematical concept that implies a set or function that holds certain properties related to this outward curvature.
Concave
A shape or curve that curves inward, resembling the inner surface of a sphere or circle, often used in mathematics and economics.
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