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Coral animals
Indifference Map
A graphical representation that shows different combinations of goods between which a consumer is indifferent.
Budget Lines
A visual representation showcasing every potential pairing of two products that a consumer is able to purchase, considering their budget and the costs of these items.
Utility
In economics, utility refers to the total satisfaction received from consuming a good or service.
Diminishing Marginal Utility
The principle that as a person increases consumption of a product, there is a decline in the additional satisfaction or utility that person gains from consuming one more unit of the product.
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