Examlex
Distinguish between copyright and patent.
Individual Demands
The demand for goods and services by an individual consumer, based on their preferences, income, and prices.
Marginal Utility
The additional satisfaction or value a consumer gains from consuming one more unit of a good or service.
Economic Good
A product or service that has value and can be sold in a market because it is scarce in relation to demand.
Substitution Effect
That part of an increase (decrease) in amount consumed that is the result of a good being cheaper (more expensive) in relation to other goods because of a reduction (increase) in price.
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