For Personal Use, _____________________ Have Been Mostly Replaced by IPods

question 42

Short Answer

For personal use, _____________________ have been mostly replaced by iPods, iPads, and other mobile devices.

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Definitions:

Consumer Preferences

The inclinations or choices of individuals or groups regarding various goods and services that reflect taste, convenience, affordability, and other factors.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another, keeping utility constant.

Rational

The quality of being based on or in accordance with reason or logic.

Indifference Curves

A graph representing different bundles of goods between which a consumer is indifferent, showing equal levels of utility.