|
The loss of other potential benefits when undertaking a specific business decision.
|
|
Price goes down, quantity demanded increases. Price goes up, quantity demanded decreases.
|
|
Subsitution Effect
|
Income Effect
|
Law of Diminisihing Marginal Utility
|
|
Changes in price motivate consumers to buy cheaper substitute products.
|
When price goes down, people buy more of a product because their purchasing power has increased; vice versa.
|
As you continue to consume a given product, you will have less satisfaction the more you have.
|
|
Subsitution Effect
|
Income Effect
|
Law of Diminisihing Marginal Utility
|
|
Changes in price motivate consumers to buy cheaper substitute products.
|
When price goes down, people buy more of a product because their purchasing power has increased; vice versa.
|
As you continue to consume a given product, you will have less satisfaction the more you have.
|
|
There is a direct relationship between price and quantity supplied, so if price goes up for milk, quantity produced will increase.
|
|
Supply goes to the sky, demand to the dirt.
|
|
.
|
.
|
|
.
|
.
|
No comments yet.
Cheatography n. The art of mapping complex subjects into clear, instantly navigable reference guides.
