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Unit 3 D, S, and E

Demand, Supply and Equilibrium

TermDefinition
Law of Demand other factors being constant, the price and the quantity demanded of any good and service are inversely related to each other.
diminishing marginal utility as a person increases consumption of one product, while keeping consumption of other products constant, marginal Utility from the one product will decrease.
consumer surplus the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay.
complement good If the price of good A rises, (Qd falls) and demand for good B falls, the two goods are considered _________________.
substitute good If the price of good A rises, (Qd falls) and demand for good B rises, the two goods are considered _________________.
demand elasticity how sensitive the demand for a good is to changes in price
law of supply an increase in price results in an increase in quantity supplied. There is a positive relationship between price and quantity.
diminishing marginal returns adding more of one factor of production, while holding all others constant will at some point yield lower per-unit returns.
consumer maximization Consume products in a way to maximize the marginal utility per $ spent. Do this by consuming combinations of products to the point that the marginal utility per $ spent of 1 product equalizes the marginal utility per $ spent of a 2nd product
market equilibrium where quantity demanded by consumers and quantity supplied by producers are equal.
Created by: doug.stan
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