knowt logo
HomeExploreExams
go to Home
Home
go to Business
Business
go to Macroeconomics
MacroeconomicsSupply & Demand

Chapter 6 - Consumer Choice and Demand

studied byStudied by 0 people
0.0(0)
back

View linked note

learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 4

flashcard set

Earn XP

Description and Tags

Macroeconomics

Supply & Demand

5 Terms

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