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Describe a fixed total cost contract.
Quasilinear Preferences
A type of preference where utility is linear in one argument, allowing indifference curves to have the same slope regardless of the level of consumption of other goods.
Equivalent Variation
A measure used in economics to evaluate the change in wealth that would leave an individual's utility unchanged before and after a policy change or a price change.
Compensating Variation
A monetary measure of the amount of money a consumer would need to reach their original utility level after a price change.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
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