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Chapter 6 & 7 Unscramble

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Chapter 6 & 7 Unscramble

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Chapter 6 & 7 Unscramble

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Chapter 6 & 7 Unscramble
 

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Chapter 6 & 7 UnscrambleOnline version

Chapter 6 & 7 Unscramble

by Lara Rogers
1

the measure of how much the quantity demanded of a product change in response to a change in its price.

        
     
  
2

The total money a firm earns from selling a product, calculated by multiplying the quantity sold by the price.

  
  
3

A time period where some resources can be changed, but others (like buildings) are fixed.

  
  
4

The satisfaction or pleasure a consumer obtains from the consumption of a good or service

5

The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service

  
  
6

Behavior designed to maximize total utility

  
  
7

In marginal utility theory, the combination of goods purchased that maximizes total utility by applying the utility-maximizing rule.

  
  
8

The limit that the size of a consumer’s income imposes on the ability of that consumer to obtain goods and services.

  
  
9

A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the good’s own price

  
  
10

Demand where a price change causes a smaller change in quantity demanded, making it less sensitive to price.

  
  
11

Demand where a price change causes a larger change in quantity demanded, making it sensitive to price.

  
  
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