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    Exam 5: Consumer Choice: Individual and Market Demand
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    Define the Following Terms
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Define the Following Terms

Question 219

Question 219

Essay

Define the following terms. Give a complete and precise definition in one sentence.
a.
total utility
b.
marginal utility
c.
consumer's surplus
d.
"law" of demand

Correct Answer:

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a.
a.Total utility of a good is the sat...

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