M5 Midterm Review

To predominate; be most common

• prevail

• demand

• incentive

• utility

In the opposite way

• incentive

• inversely

• marginal

• demand

Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment

• supply

• demand

• utility

• marginal utility

Branch of economic theory that deals with behavior and decision-making by small units such as individuals and firms

• market demand curve

• elasticity

• microeconomics

• economics

List showing the quantity demanded at all possible prices that might prevail in the market at a given time

• market demand curve

• demand curve

• demand schedule

• law of demand

Something that motivates

• demand

• supply

• economics

• incentive

Graph showing the quantity demanded at every possible price that might prevail in the market at a given time

• demand curve

• market demand curve

• demand schedule

• individual demand schedule

Rule stating that more will be demanded at lower prices and less at higher prices

• law of supply

• law of demand

• ohm's law

• the economic law

Satisfaction or usefulness obtained from acquiring one more unit of a product

• utility

• marginal utility

• diminishing marginal utility

• the income effect

The decrease in satisfaction or usefulness as additional units of a product are acquired

• utility

• marginal utility

• diminishing marginal utility

• the income effect