Examlex
Formic acid is used in the venom of some species of ants. What is the pH of a 0.2 M solution of formic acid (Ka = 1.78 × 10-4 M) ?
Utility
A measure of satisfaction or happiness that a consumer derives from consuming goods and services.
Income-Consumption Curve
Curve tracing the utility-maximizing combinations of two goods as a consumer’s income changes.
Utility-Maximizing
A principle or strategy of consumers making choices to achieve the highest overall level of satisfaction or utility from their available resources.
Inferior Good
An inferior good is a type of good for which demand decreases as the income of the individual increases, in contrast to a normal good.
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