Chapter 6 - Consumer Choice and Demand
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Last updated 10:44 PM on 4/12/22
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5 Terms
1
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final dollar
When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.
2
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final dollar
When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.
3
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Law of declining marginal value
the smaller the marginal value of each additional unit consumed
4
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Diminishing marginal utility
phenomenon of decreasing marginal utility
5
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Consumer equilibrium
MUp/Pp = MUm/ Pm
