Examlex
You have the option of consuming one cup of coffee or two donuts or three oranges. You picked the cup of coffee. Therefore the opportunity cost of this cup of coffee is
Revealed Preference
A theory suggesting that consumers' preferences can be determined by observing their purchasing behavior and the choices they make among different goods.
Weak Axiom
In the context of consumer choice theory, it is a postulate stating that if a consumer prefers bundle A over bundle B when both are affordable, then she will not choose B when A becomes more affordable.
Revealed Preferences
The theory that consumers' preferences can be determined by their purchasing habits and behavior rather than through their expressed desires or responses to surveys.
Preferences
The subjective tastes or desires of individuals or entities, which determine their choices among various options.
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