Chapter 6 - Consumer Choice and Demand

0.0(0)
Studied by 0 people
linked notesView linked note
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/4

flashcard set

Earn XP

Description and Tags

Macroeconomics

Last updated 10:43 PM on 4/12/22
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

5 Terms

1
New cards
final dollar
When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.
2
New cards
Pizza
________ and movie rentals are examples of products.
3
New cards
Law of declining marginal value
the smaller the marginal value of each additional unit consumed
4
New cards
Diminishing marginal utility
phenomenon of decreasing marginal utility
5
New cards
Consumer equilibrium
MUp/Pp = MUm/ Pm