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Indifference Curves
Indifference curves are graphical representations used in microeconomics to show combinations of two goods that provide the consumer with the same level of satisfaction or utility.
Budget Constraint
The limitations on household consumption based on income and the prices of goods and services.
Utility Function
A mathematical representation of how a consumer derives satisfaction from consuming different quantities of goods and services.
Optimum Point
The most advantageous position or condition that can be achieved in a given circumstance or under certain parameters.
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