Examlex
How does Michelangelo's David differ from the classical sculpture that inspired it?
Substitution
The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.
Income Effect
The change in consumption resulting from a change in real income.
Total Utility
The overall satisfaction or benefit a consumer receives from consuming a certain quantity of a good or service.
Indifference Curve
A graph that represents different combinations of two goods or services among which a consumer is indifferent, meaning they have no preference for one combination over another, all providing the same level of utility.
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