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Please highlight critical terms;
*=not important for exam but you should know
Chapter Four consumer choice
Total utility-the sum of all the marginal utilities of units already consumed. It is rational for consumer to pursue maximum utility.
marginal utility -the benefit (satisfaction) received or anticipated when an additional amount of an activity is undertaken; usually used with marginal opportunity cost. Usually falls as quantity of a particular activity rises, according to the Law of Diminishing Returns.
consumer surplus-the total value buyers place on a good over the price they must pay for it; the gains to buyers from trade producer surplus-the payment sellers receive for a good over the cost to them of selling it; the gains from sellers of trade
income effect- the effect of budget limitations when price changes; the portion of the change in quantity demanded (when price changes) that is due to buyers being able to afford less or more of a good when the price changes.
substitution effect- the tendency to seek substitutes when price changes; the portion of the change in quantity demanded (when price changes) that is due to buyers comparing prices with other goods.
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