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What is anchoring bias?
Equilibrium
A balance between market demand and supply that results in steady prices.
Budget Line
A budget line represents all combinations of goods and services that a consumer may purchase given current prices and income levels.
Marginal Rate of Substitution
How quickly a person agrees to trade one product for a different one to preserve their overall happiness.
Satisfaction Maximized
The point at which an individual achieves the highest level of satisfaction or utility from the consumption of goods or services.
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