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| the amount of a good or service that a consumer is willing and able to buy at various possible prices during a given time point |
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| is a slightly different concept that describes the amount of a good or service that a consumer is willing and able to buy at each particular price during a given time period |
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| which states that an increase in a goods price causes a decrease in the quantity demanded and that a decrease in the price causes a increase in quantity demanded |
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| the amount of money or income, that people have available to spent on goods and services |
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| any increase or decrease in consumers purchasing power caused by a change in price |
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| describes the tendency of consumers to substitute a similar, low-priced product for another product that is relativity more expensive |
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| diminishing marginal utility |
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Definition
| the marginal or additional utility of each unit consumed diminishes, or lessens, with each additional unit |
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| this lists that quantity of goods that consumser are willing and able to buy at a series of possible prices |
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| plots this info on a graph |
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| curve that means that a different quantity of cars stereos in demanded at each and every price |
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| goods that can be used to replace the purchase of similar goods when prices rise |
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| goods that are commonly used with other goods |
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| exists when a small change in goods price causes a major, opposite change in the quantity demanded |
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| is the degree to which changes in goods price affect that quantity demanded by consumers |
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| exists when a change in a goods price has little impact on the quantity demanded. |
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| sometimes called total receipts refers to total income that a business receives from selling its products |
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