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Concave
A shape or curve that is curved inward, resembling the interior of a circle or sphere, often used to describe functions or geometric objects.
Convex
A shape or curve that curves outward or bulges outward, typically used in the context of geometric figures or in economic models to describe preferences or production possibilities.
Budget Lines
A visual depiction showing every possible pair of two products that can be bought within a specific budget at constant prices.
Indifference Curve Analysis
A graphical representation used in microeconomics to show combinations of two goods that provide the consumer with equal levels of satisfaction or utility.
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