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Econ 208 McGill > Chapter 6. consumer behaviour > Flashcards

Chapter 6. consumer behaviour Flashcards

1
Q

What is utility?

A
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2
Q

How to know when a consumer’s utility has been maximized?

A

When all its MU are equal

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3
Q

What is total and additional utility ?

A
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4
Q

What is the law of marginal utility?

A
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5
Q

What is the substitution effect?

A
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6
Q

What is the income effect?

A
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Econ 208 McGill (4 decks)

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