Examlex
Which of the following statements is correct?
Substitution
The act of replacing one good or service with another due to changes in price or preference.
Price Ratio
The relative price of one good or service in comparison to another, often used in economic analysis and decision-making.
Indifference Curve
A graph that shows combinations of two goods between which a consumer is indifferent, reflecting equal levels of utility for the consumer.
Total Utility
The total satisfaction or benefit received by consuming a given total amount of a good or service.
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