Examlex
Select the correct statement.
Ordinary Goods
Goods for which demand increases as consumer income increases and decreases as consumer income decreases, opposite to inferior goods.
Consumer Equilibrium
A scenario in which a consumer has distributed their income to achieve the greatest satisfaction, considering the prices of goods and services.
Budget Constraint
A representation of all the combinations of goods and services that a consumer can afford to purchase at given prices within their income level.
Utility
In economics, utility refers to the total satisfaction received from consuming a good or service.
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