Examlex
What is the type of mechanism that answers the basic economic questions through a decentralized decision making process?
Indifference Curve
A graph representing combinations of goods or services between which a consumer is indifferent, showing preference levels.
Marginal Utilities
The added enjoyment or usefulness a consumer gets upon consuming an extra unit of a good or service.
Marginal Utility
The additional gain in enjoyment or utility that an individual experiences from consuming one more unit of a good or service.
Indifference Curve
A graphical representation in economics of all combinations of goods that provide a consumer with the same level of satisfaction or utility.
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