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What is a nested selection structure? How do primary and secondary decisions relate to a nested selection structure?
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.
Law of Diminishing Marginal Utility
The principle that as a person consumes more of a product, the satisfaction (utility) gained from consuming each additional unit decreases.
Diminishing Marginal Utility
is an economic principle stating that as a person increases consumption of a product, there is a decline in the additional satisfaction (utility) that person gains from consuming one more unit of the product.
Marginal Utility
The additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a good or service.
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