Examlex
Which of the following best describes temperature?
Marginal Utility
The increased utility or satisfaction derived by a buyer from the consumption of one extra unit of a good or service.
Income Effect
The fluctuation in income for either an individual or the economy and its influence on the demand levels for certain goods or services.
Substitution Effect
The economic principle that as prices rise, consumers will replace more expensive items with less costly alternatives.
Marginal Utility
The extra contentment a customer obtains by using an additional unit of a product or service.
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