Examlex
How do fixed costs per unit behave?
Marginal Utility
The incremental pleasure or usefulness attained by consuming an extra unit of a good or service.
Total Utility
The overall satisfaction or pleasure a person derives from consuming a certain amount or quantity of goods or services.
Limited Income
Income that is not sufficient to meet the minimum standard of living or personal financial needs.
Total Product Curve
Illustrates the total output of a good or service produced by a firm as a function of the input used.
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