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Two goods are complements in consumption if an increase in the price of one causes a leftward shift in the demand curve for the other. Two goods whose crossprice elasticity of demand is negative.

The percentage change in the quantity demanded of one good in response to a 1 percent change in the price of a second good

Price elasticity of demand that is greater than one.

A change in quantity of a good demanded because a change in the price of the good has changed the real income of the person who purchases it.

The percentage change in the quantity demanded of a good in response to a 1 percent change in income.

Price elasticity of demand less than one.

A good whose demand curve shifts leftward when the incomes of buyers increase. A good with a negative income elasticity of demand.

Other things remaining equal, people will purchase a smaller quantity of any good or service they want as the price of purchasing one more unit of it increases.

As consumption of a good increases beyond some point, the additional utility gained from an additional unit of the goods tends to decline.

A good with an income elasticity of demand greater than one; a subset of normal goods.

The additional utility gained from consuming an additional unit of a good.

Absolute price of a good in dollar terms.

A good whose demand curve shifts rightward when the incomes of buyers increase. A good with a positive income elasticity of demand

The affordable combination that yields the highest total utility.

Price elasticity of demand is infinite.

Price elasticity of demand is zero.

Elasticity calculated at a specific point on a demand curve.

The percentage change in the quantity demanded of a good that results from a 1 percent change in its price.

The rule that in order to maximize the total utility a consumer can derive from a fixed budget, spending must be allocated across goods so that marginal utility per dollar is the same for each good.

Dollar price of a good relative to the average dollar price of all other goods and services.

Two goods are substitutes in consumption if an increase in the price of one causes a rightward shift in the demand curve for the other. Two goods whose cross-price elasticity of demand is positive.

A change in consumption that holds utility constant while there is a change in relative price.

The dollar amount consumers spend on a product is equal to the dollar amount sellers receive.

The dollar amount consumers spend on a product is equal to the dollar amount sellers receive.

Price elasticity of demand equal to one.

A unit of pleasure or utility obtained from an item.

The sense of well-being, satisfaction, or pleasure a person derives from consuming a good or service