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Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute away from more expensive goods toward cheaper ones.
Total Utility
The total satisfaction or benefit received by consuming a certain quantity of goods or services.
Utils
A hypothetical unit of measure used to quantify the satisfaction or utility that a consumer derives from consuming a good or service.
Marginal Utility per Dollar
The additional satisfaction or utility gained from consuming an additional unit of a good or service per unit of currency spent.
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