Examlex
The process which requires the calculation of an interval and then selects the items based on the size of the interval is
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.
Utility Function
A mathematical representation used in economics to model the preference or satisfaction a consumer derives from consuming goods and services.
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