Examlex
Network industries feature wild swings in the fates of products and companies.
Income Effects
Changes in consumers' purchasing power and consumption patterns that occur due to changes in their income, influencing how much of a product they can buy.
Indifference Curve
A graph representing different bundles of goods between which a consumer is indifferent, showing the combination of two goods that give the same level of satisfaction to the consumer.
Marginal Utility
The change in total utility a person receives from consuming an additional unit of a good or service.
Utility Function
A mathematical representation that ranks an individual's preferences over a set of goods and services, based on the level of satisfaction or utility derived.
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