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As Beth walks into class to take a midterm exam, she is nervous, but she says to herself, "You know you studied hard, so you will do just fine." Beth's self-talk is an example of
Indifference Curves
Graphical representations used in microeconomics to show combinations of two goods that provide equal satisfaction and utility to a consumer.
Budget Lines
A graphical representation of all possible combinations of two goods which a consumer can purchase at given prices and within the constraints of his/her income.
Budget Line
A visual representation of all the different combinations of two products that can be bought within a certain budget and price range.
Indifference Curve
A chart illustrating various pairings of two products that deliver the same level of enjoyment and usefulness to a buyer.
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