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Definitions (80)
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unrelated goods
A pair of goods where the quantity demand of one is unaffected by changes in the price of the other.
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abundance
A physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system.
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budget set
Different bundles of goods and services that are attainable to the consumer at given market prices and the consumer's fixed level of income.
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competition
The process of consumers bidding prices upwards or producers cutting prices in order to allow those agents to be involved in a market trade.
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complementary goods
A pair of goods where the quantity demanded of one increases when the price of a related good decreases.
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complete preferences
The ability of a consumer to fully identify his/her preference for any combination or bundle of goods and services.
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constant returns to scale
A long run production concept where a doubling of all factor inputs exactly doubles the amount of output.
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consumer
An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services.
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consumer optimum
Identification of an attainable bundle of goods that maximizes a consumer's level of satisfaction given his/her level of income and market prices.
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consumer's surplus
The difference between what a consumer is willing to pay for each unit of a commodity consumed and the price actually paid.
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