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Which media technology dominated between the 1940s and 1980?
Consumed
The act of using up a good or service, thus removing it from the market and contributing to economic activity.
Marginal Utility
The variation in pleasure or usefulness a consumer feels from using one more unit of a product or service.
Diminishing Marginal Utility
The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from consuming an additional unit decreases.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, opposite to what is observed with normal goods.
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