Examlex
Describe and discuss the critical incidents method of performance evaluation.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, highlighting combinations that provide the same level of utility to the consumer.
Total Utility
The total gratification or enjoyment a customer receives from using a specific amount of products or services.
Marginal Rate
The increase or decrease in a unit of an outcome resulting from a one unit change in another variable.
Substitution
The economic principle whereby consumers replace more expensive items with less costly alternatives, or firms use different inputs in their production process.
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