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Consumer Equilibrium
The state where the consumer's income is fully allocated to the purchase of goods and services in a way that maximizes their utility or satisfaction.
Indifference Curve
A graph representing a set of bundles of goods between which a consumer is indifferent, showing preferences of consumption.
Consumer Equilibrium
A situation in which a consumer has distributed their income to achieve the highest level of satisfaction possible within their financial limitations.
Utility Maximization
A principle in economics where individuals or firms aim to achieve the highest satisfaction or profit from their resources and decisions.
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