Examlex
Match each term with its definition.
-silencing
Budget Line
A visual depiction of every potential pair of two products a consumer is able to buy based on their earnings and the costs of these items.
Utility Function
A mathematical representation of how different quantities of goods or services translate into levels of happiness or satisfaction for an individual or society.
Utility Function
A mathematical representation that assigns a value to every possible choice to indicate the level of satisfaction or utility that choice provides to a consumer.
Demand
The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.
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