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Vertical communication occurs when Scott,the manager of marketing discusses business issues with Susan,the manager of engineering.
Budget Line
A graphical representation of all the possible combinations of two goods or services that can be purchased with a given budget, considering their prices remain constant.
Money Income
The total earning received by an individual or household including wages, salaries, and other forms of income, before any deductions.
Marginal Utility
The extra pleasure or advantage gained from consuming an additional unit of a product or service.
Total Utility
The complete satisfaction or pleasure a consumer derives from consuming a particular quantity of goods or services.
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