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What is the difference between a hypothesis and a theory?
Utility
In economics, the total satisfaction received from consuming a good or service.
Income
Earnings received by a person or entity, typically through work, investments, or business ventures, over a specified period.
Consumer Equilibrium
The point at which the quantity of goods consumed by the consumer provides the maximum satisfaction, making utility maximization with budget constraints.
Total Utility
The complete fulfillment derived from the consumption of a specific amount of products or services.
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