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The flashcards below were created by user
LaineyxRawr
on FreezingBlue Flashcards.
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Items for which an increase in the price of good X causes a decrease in the demand for good Y?
Complementary Goods.
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In the cartoon in the text, the fourth hamburger does not provide as much satisfaction as the first hamburger because of the law of?
Diminishing Marginal Utility
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The quanity of a good demanded in a given time period increases as its price falls, ceteris paribus?
Law of Demand
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The satisfaction obtained from the entire consumption of a good?
Total Utility
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The quanity of a product sold times the price at which it is sold?
Total Revenue
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If two goods can be used in place of each other, they are?
Substitute Goods
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Equal to the percentage change in quanity demanded ivided by the percentage change in income?
Income Elasticity of Demand
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The percentage change in quanity demanded of good X divided y the percentage change in the price of good Y is the what of demand?
Cross Price Elasticity
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The best forgone alternative?
Opportunity cost
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Influence by tastes, income, expectaions, and other goods?
Demand
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Measures the response of consumers to a change in price?
Price Elasticity of Demand
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The combination of goods that maximizes the total utility attainable from available income?
Optimal Consumption
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The additional satisfaction from consuming one \more unit of a good or service?
Marginal Utility
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When one of the underlying determinants of demand changes, there is a?
Shift in Demand
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An item for which quantity demanded falls whinn income rises?
Inferior Good
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A curve describing the quanities of a good a aconsumer is willing and able to buy at alternative prices?
Demand Curve
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Consumers buy more of such an item when their income rises.
Normal Good
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The assumption that everything else is constant?
Ceterisparibus
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Satisfaction obtained from goods and services?
Utility
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