Examlex
For which of the following goods would demand be most elastic?
Optimal Consumption Rule
A principle in economics that determines the best combination of goods and services that maximizes the utility of a consumer given their budget constraints.
Marginal Utility
The additional satisfaction or benefit gained from consuming one more unit of a good or service.
Consumption Bundle
A combination of goods and services that a consumer chooses to consume at a given time.
Budget Constraint
The limit on the consumption patterns of an individual or household based on their income and the prices of goods and services.
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