Examlex
A type of bird similar to a chickadee learns to peck through the cardboard tops of milk bottles left on doorsteps and drink the cream from the top. What term best applies to this behavior?
Utility Function
A mathematical representation of how different combinations of goods or services generate levels of happiness or satisfaction to the consumer.
Utility
A measure of the satisfaction or happiness that a person derives from consuming goods and services.
Marginal Rate
Refers to the rate at which one quantity changes with respect to a change in another, commonly used in economics to describe the marginal rate of substitution or marginal rate of transformation.
Indifference Map
A collection of indifference curves that graphically represent a consumer's preferences across different combinations of two goods.
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