consumer choice and demand chp 6
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Last updated 8:36 PM on 3/26/26
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4 Terms
1
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budget line
combinations of two goods that can be purchased with a given income and fixed prices of each good
2
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total utility
the total satisfaction from consuming a given quantity of a good or service
3
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marginal utility
the additional satisfaction from consuming one more unit of a good or service
4
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law of diminishing marginal utility
as one consumes more a given product, the additional satisfaction from each additional unit decreases
