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What are some of the traditional functions of counties?
Utility-maximizing Consumer
A consumer who aims to get the highest level of satisfaction possible from their purchases, given their budget constraints.
Income Effect
The income effect describes how changes in consumers' income impact their purchasing choices, typically affecting the quantity of goods consumed.
Marginal Utility
The further benefit or pleasure derived by consuming an extra unit of a good or service.
Utils
A theoretical unit of measurement used in economics to quantify the level of satisfaction or happiness that a consumer derives from the consumption of goods and services.
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