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Chapr 3 Value&Demand

This is a review over chapter 3 in the third edition economics textbook.

QuestionAnswer
What was the boy at the beginning of the chapter's name? Danny
How much did the lamp go for? $347
Principle of diminishing marginal utility People tend to receive less and less additional satisfaction from any good or service as they contain more and more of it during a specific period of time.
Marginal utility schedule A tabular model based upon the observation of marginal utility.
Marginal utility curve A graphic representation of the marginal utility schedule.
William Stanley Jevons Pest known for "The theory of Political Economy," and was the first to introduce the principle of diminishing marginal utility.
Demand The willingness of consumers to purchase a product as well as their act of purchasing the item.
Law of demand Everything else being held constant, the lower the price charged for a good or service, the greater the quantity of it people will demand, and thehighter the price the lower the quantity they will demand.
Demand schedule A table listing various quantities demanded at various prices.
Demand curve A graphic representation of a demand schedule.
Change in quantity demanded Happens whenever a change in price causes a change in the number of items demanded.
Change in demand Happens when a demand curve shifts.
Increase in demand Means buyers are willing to demand more of a good or service at every price along the demand curve.
Decrease in demand Means buyers are going to demand for less of a good or service at every price along the demand curve.
Normal goods GOods that experience an increase in demand because of an increase in consumers' income.
Inferior goods Goods that experience a decline in popularity as buyers' incomes increase.
substitute goods Goods that households may use in place of others.
complementary goods Goods that are usually purchased or used together.
Created by: hihello2007
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