Examlex
When a judge has to run for elective office under a party label it is referred to as a
Total Utility
The total satisfaction or benefit received by consuming a given total quantity of a good or service.
Marginal Utility
The additional utility derived from consuming one more unit of some good or service.
Consumer Surplus
The difference between the amount consumers are willing to pay for a good or service versus what they actually pay.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.
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