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Todd visited the showroom of the Bloom Company and orally ordered a $300 microwave. The Bloom Company verbally accepted the order, and later (the next day) sent Todd a duplicate purchase order for the appliance along with a request that he sign and return one copy. Todd did not sign the order, and when the appliance was delivered, refused to take delivery. Bloom sued Todd for breach of contract.
Parallel Shift
occurs when a graph's curve moves left or right without changing its shape, often used in reference to demand or supply curves.
Relative Prices
The price of one good or service compared to another, reflecting its scarcity or value in exchange.
Indifference Curve
A graph showing different bundles of goods between which a consumer is indifferent, highlighting the trade-offs in consumption preferences.
Total Utility
The total satisfaction received from consuming a particular quantity of goods or services.
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