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Micro- Quiz 3

Microeconomics Quiz 3- Chapter 7

QuestionAnswer
Utility The satisfaction one gets from consuming a good or service
Total Utility Total amount of satisfaction
Marginal Utility Extra satisfaction from an additional unit of the good
Utility Formula MU= Change TU/Change Q
Law of Diminishing Marginal Utility As consumption increases, the marginal utility obtained decreases
Income Effect The impact a price change has on a consumer's real income
Substitution Effect The impact a price change has on a product's relative expensiveness
Created by: joebouhadana
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