chapter3 Flashcards
1
Q
demand graph
A
2
Q
diminishing marginal utility
A
when the value of product decreases over time because experience is overused; the point when having more of one thing doesn’t bring the same effect
3
Q
supply line
A
4
Q
supply and demand line
A
5
Q
market shortage
A
when the asking price is lower than the market price
when supply cannot keep up with demand
