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3 Tutorials that teach Optimal Choice
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Optimal Choice

Optimal Choice

Author: Catherine Barry

This lesson will explain Optimal Choice

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Notes on "Optimal Choice"

Terms to Know

Budget Constraint

The graphical depiction of consumer income relative to the

price of goods available. Where the budget constraint touches the highest

indifference curve available, the consumer is defined to be optimizing


Utility Maximization

Achieving the highest amount of satisfaction given a 

consumer’s budget constraint.

Optimal Choice

Goods and services purchased by a consumer that provides 

the highest level of utility possible.