Utility
0.0(0)
Studied by 0 people0.0(0)
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/4
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
5 Terms
1
New cards
Utility
Satisfaction gained from consuming a unit
2
New cards
Marginal Utility
Additional satisfaction gained from consuming an extra unit
3
New cards
Total Utility
The total amount of satisfaction gained from consuming the unit
4
New cards
Diminishing Marginal Utility
The more you consume a good, the less additional satisfaction you gain from consuming an extra unit.
5
New cards
Demand curve downward sloping
Due to diminishing marginal utility
Note 
Flashcards (20)