Term
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Definition
| the willingness and ability to buy specific quantities of a good at alternative prices in a given time period, ceteris paribus. |
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Term
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Definition
| the pleasure or satisfaction obtained from entire consumption of a product. |
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Term
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Definition
| the amount of satisfaction obtained from entire consumption of a product. |
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Term
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Definition
| the change in total utility obtained by consuming one additional (marginal) unit of a good or service. |
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Term
| Law of Diminishing Marginal Utility |
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Definition
| the marginal utility of a good decline as more of it is consumed in a given time period. |
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Term
| Price Elasticity of Demand |
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Definition
| the percentage change in quantity demanded divided by the percentage change in price. |
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Term
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Definition
| the price of a product multiplied by the quantity sold given time period. |
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