10-29 Part. 1

Question 1

Part of economics that studies small units, such as individuals and firms

Answer 1

Microeconomics

Question 2

Combination of desire, ability, and willingness to buy a product

Answer 2

Demand

Question 3

Table that lists how much of a product consumers will buy at all possible prices

Answer 3

Demand schedule

Question 4

Rule stating that consumers will buy more of a product at lower prices and less at higher prices

Answer 4

Law of Demand

Question 5

Extra usefulness or additional satisfaction a person gets from acquiring or using one more unit of a product

Answer 5

Marginal utility

Question 6

Diminishing marginal utility

Answer 6

Extra satisfaction we get from using additional quantities of the product begin to decline with use