Examlex
A heuristic can simplify the decision-making process.
Budget Line
A visual depiction showing every potential mix of two products that a specific income and price levels can buy.
Utility
In economics, the total satisfaction received from consuming a good or service.
Indifference Map
A graphical representation of different combinations of two goods or bundles among which a consumer is indifferent.
Indifference Curve
A graph representing combinations of goods or services among which a consumer is indifferent, showing preference levels and the trade-offs between different bundles.
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