Examlex
Which term best describes the effect that occurs when production volume increases and unit costs decline?
Millionaires
Millionaires are individuals whose net worth or wealth is equal to or exceeds one million units of currency.
Inherited
Assets or properties received from ancestors or previous generations through a legal process called inheritance.
Utilitarian Justification
A moral philosophy that advocates for actions that maximize happiness and well-being for the majority of a population.
Diminishing Marginal Utility
The principle that as a person consumes more of a good, the satisfaction (utility) from consuming each additional unit decreases.
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