Examlex
If we know that two lineages split 20 million years ago, and we know the degree of molecular difference between contemporary representatives of each, we can estimate
Hicks Version
Refers to John Hicks' adaptation of consumer demand theory, particularly in relation to indifference curves and utility maximization.
Substitution Effect
A modification in buying behavior triggered by a change in goods' comparative prices, prompting people to switch from one product to another.
Indifference Curve
A graph representing combinations of goods that provide the same level of satisfaction to a consumer.
Rational Consumer
An economic concept describing an individual who makes choices that maximize their utility or benefit, based on their preferences and constraints.
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