Economics Chapter 5

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  1. Items for which an increase in the price of good X causes a decrease in the demand for good Y?
    Complementary Goods.
  2. 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
  3. The quanity of a good demanded in a given time period increases as its price falls, ceteris paribus?
    Law of Demand
  4. The satisfaction obtained from the entire consumption of a good?
    Total Utility
  5. The quanity of a product sold times the price at which it is sold?
    Total Revenue
  6. If two goods can be used in place of each other, they are?
    Substitute Goods
  7. Equal to the percentage change in quanity demanded ivided by the percentage change in income?
    Income Elasticity of Demand
  8. 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
  9. The best forgone alternative?
    Opportunity cost
  10. Influence by tastes, income, expectaions, and other goods?
  11. Measures the response of consumers to a change in price?
    Price Elasticity of Demand
  12. The combination of goods that maximizes the total utility attainable from available income?
    Optimal Consumption
  13. The additional satisfaction from consuming one \more unit of a good or service?
    Marginal Utility
  14. When one of the underlying determinants of demand changes, there is a?
    Shift in Demand
  15. An item for which quantity demanded falls whinn income rises?
    Inferior Good
  16. A curve describing the quanities of a good a aconsumer is willing and able to buy at alternative prices?
    Demand Curve
  17. Consumers buy more of such an item when their income rises.
    Normal Good
  18. The assumption that everything else is constant?
  19. Satisfaction obtained from goods and services?
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Economics Chapter 5
2012-03-18 22:35:16

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