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A teenager refrains from using profanity when she is around her parents, who ground her when she swears. When her parents aren't around, she often uses "bad language." The suppression of the undesired behaviour doesn't generalize to other relevant situations and this is an example of a limitation of ______________.
Utility
The satisfaction you derive from a good or service that you purchase. How much utility you derive is measured by how much you would be willing to pay.
Demand Schedule
A table or graph showing the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period.
Marginal Utility
The extra pleasure a customer receives from using an additional unit of a product or service.
Consumer Surplus
The discrepancy between the amount consumers are prepared to pay for a product or service and the actual price they pay.
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