Economics Paper 46

We know that the demand for a product is elastic if:

The burden of a tax is shifted toward buyers if:

"Utility" is most closely related to the term:

Marginal utility is best described as ____________________.

As more of a good is consumed, then total utility typically:

If you sum all of the marginal utilities for the consumption of units one through five, you will get:

______ is the extra value that consumers receive above what they pay for that good

Consumers will maximize satisfaction when:

According to the utility model of consumer demand, the law of diminishing marginal utility indicates that the demand curve is:

The rate at which one input can be reduced per additional unit of the other input, while holding output constant, is measured by the: