Macroeconomics ["Supply & Demand"]

Chapter 6 - Consumer Choice and Demand

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Macroeconomics

5 Terms

final dollar

When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.

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Pizza

________ and movie rentals are examples of products.

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Law of declining marginal value

the smaller the marginal value of each additional unit consumed

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Diminishing marginal utility

phenomenon of decreasing marginal utility

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Consumer equilibrium

MUp/Pp = MUm/ Pm

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