Examlex
What do economists call a set of actions that a firm takes to achieve a goal, such as maximising profits?
Marginal Utility
The additional satisfaction or benefit received by a consumer from consuming one more unit of a good or service.
Consumer Equilibrium
A state in microeconomics where a consumer achieves the highest satisfaction possible, given their income constraints and prices of goods and services.
Prices
The amount of money required to purchase a good or service, reflecting the value placed on it by the market.
MU/P
The ratio of marginal utility (MU) to price (P), representing the additional satisfaction gained per unit of currency spent.
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