The willingness and ability to buy specific quantities of a good at alternative prices in a given time period, ceteris paribus.
2. The pleasure or satisfaction obtained from a good or service.
3. The amount of satisfaction obtained from entire consumption of a product.
4. The change in total utility obtained by consuming one additional (marginal) unit of a good or service.
5. The marginal utility of a good declines as more of it is consumed in a given time period.
6. The assumption of nothing else changing.
7. The quantity of a good demanded in a given time period increases as its price falls, ceteris paribus.
8. A curve describing the quantities of a good a consumer is willing and able to buy at alternative prices in a given period, ceteris paribus.
9. Percentage change in quantity demanded divided by the percentage change in price.
10. The price of a product multiplied by the quantity sold in a given time period.
11. A change in the quantity demanded at any (every) given price.
12. Percentage change in quantity demanded divided by percentage change in income.
13. Good for which demand increases when income rises.
14. Good for which demand decreases when income rises.
15. Goods that substitute for each other; when the price of good X rises, the demand for good Y increases, ceteris paribus.
16. The most desired goods or services that are forgone in order to obtain something else.
17. Percentage change in quantity demanded of good Y divided by the percentage change in price of good X.
18. Goods frequently consumed in combination; when the price of good X rises, the demand for good Y falls, ceteris paribus.
Demand
Opportunity Cost
Total Revenue
Total Utility
Ceteris Paribus
Price Elasticity of Demand
Marginal Utility
Law of Diminishing Marginal Utility
Substitute Goods
Shift in Demand
Inferior Good
Demand Curve
Utility
Income Elasticity of Demand
Normal Good
Complementary Goods
Law of Demand
Cross-Price Elasticity of Demand
Answer:
1. demand
2. utility
3. total utility
4. marginal utility
5. law of diminishing marginal utility
6. ceteris paribus
7. law of demand
8. demand curve
9. price elasticity of demand
10. total revenue
11. shift in demand
12. income elasticity of demand
13. normal good
14. Inferior good
15. Substitute Goods
16. Opportunity Cost
17. Cross-Price Elasticity of Demand
18. Complementary Goods
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