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  • A … is a commodity that the consumer doesn’t like. #121
  • The demand curve measures how much people wish to demand at each price, and the supply curve measures how much people wish to supply at each price. An … is one where the amount demanded equals the amount supplied. #122
  • The slope of an indifference curve is known as the …. #123
  • A utility function is simply a way to represent or summarize a … ordering. The numerical magnitudes of utility levels have no intrinsic meaning. #124
  • Thus, given any one … function, any monotonic transformation of it will represent the same preferences. #125
  • The …, can be calculated from the utility function via the formula MRS = Δx2/Δx1 = −MU1/MU2. #126
  • The theory of … has been reformulated entirely in terms of consumer preferences, and utility is seen only as a way to describe preferences. #127
  • A utility function is a way of assigning a number to every possible … bundle such that more-preferred bundles get assigned larger numbers than less-preferred bundles. #128
  • There are some theories of utility that attach a significance to the magnitude of utility. These are known as cardinal utility theories. #129
  • In mathematics, the set of all (x1, x2) such that u(x1, x2) equals a constant is called a absolute set. #130
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