Studied by 0 people
final dollar
When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.
final dollar
When the budget is depleted and the ________ spent on each product produces the same marginal utility, consumer equilibrium has been reached.
Law of declining marginal value
the smaller the marginal value of each additional unit consumed
Diminishing marginal utility
phenomenon of decreasing marginal utility
Consumer equilibrium
MUp/Pp = MUm/ Pm
Note 
Flashcard (46)