Examlex
As John drifts off to sleep, he sometimes experiences images of his old dog Freckles running around the yard. This is an example of a
Utility Function
A mathematical representation of how a set of choices maps to utility levels, indicating preferences over different bundles of goods or outcomes.
Grapefruits
A large, round citrus fruit with a sour to semi-sweet flavor, commonly known for its beneficial nutrients and use in diets.
Giffen Good
A product that paradoxically experiences an increase in demand as its price increases, violating the basic law of demand, often due to the lack of close substitutes.
Inferior Good
A type of good for which demand decreases when consumer income rises, contrasting with normal goods, for which the opposite is observed.
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