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More than any other general, William T. Sherman recognized:
Marginal Rate
A rate that indicates the change in a variable (such as cost, revenue, or tax) as its underlying factor changes incrementally.
Substitution
The action of replacing one good or service with another based on changes in relative prices, incomes, or preferences.
Indifference Curve
A graph showing different combinations of two goods that provide the same level of utility or satisfaction to a consumer.
Utility
In economics, a measure of satisfaction, usefulness or value that an individual gains from consuming goods and services.
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