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How many will be employed if the product market is perfect and the labor market is imperfect?
Total Utility
The total satisfaction received from consuming a particular quantity of goods and services.
Indifference Curve
A graph representing combinations of two goods or services among which a consumer is indifferent, showing preference levels.
Optimal Consumption
The mix of goods and services that maximizes consumer utility or satisfaction given their budget constraints.
Indifference Curve
A graph showing different combinations of two goods among which a consumer is indifferent.
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