Examlex
Sexually transmitted diseases are most common in which age group?
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, due to the availability of more desirable substitutes.
Diminishing Marginal Utility
The principle that as a person consumes more of a good, the satisfaction gained from consuming an additional unit decreases.
Comparative Advantage
The ability to produce a good at a lower opportunity cost than others can produce it. Relative costs determine comparative advantage.
Marginal Utility
The additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.
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