Examlex
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Favorite Bundle
The combination of goods or services that maximizes an individual's utility given their budget constraints.
Convex Preferences
A consumer preference pattern indicating a desire for mixed bundles of goods over extreme bundles, illustrating a preference for diversification.
Commodity Bundle
A specific collection of goods or services that is considered as a single unit for analytical purposes in microeconomics.
Convex Preferences
A characteristic of consumers' preferences indicating that they prefer mixes or combinations of goods over extreme amounts of either one, depicted by a convex shape in utility analysis.
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