Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Microeconomics > Midterm 2 (Consumer choice) > Flashcards

Midterm 2 (Consumer choice) Flashcards

1
Q

utility

A

satisfaction or happiness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marginal utility

A

additional marginal satisfaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

utils are __________ in nature

A

subjective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

law of diminishing marginal utility

A

utils go down with each unit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

decision making

A
  1. rational behavior
  2. ranked preferences
  3. limited incomes
  4. prices
How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Microeconomics (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions