Examlex
How do you calculate consumer's surplus? What happens to consumer's surplus when the price of a commodity rises?
Substitution Effect
The change in consumption of goods in response to a change in their relative prices, holding the consumer's level of utility constant.
Total Utility
The total satisfaction or benefit that a person derives from consuming a certain quantity of goods or services.
Budget Line
A graphical representation of all possible combinations of two goods that a consumer can purchase at given prices and within a fixed budget.
Money Income
The total amount of monetary earnings received by an individual or household, including wages, salaries, and other forms of income.
Q16: Everything else equal, the AC curve will
Q20: Which of the following events would result
Q38: Of the long-run AC curves in Figure
Q67: If demand increases, the equilibrium price and
Q73: If the production possibilities frontier for two
Q91: The supply curve shows<br>A)the same basic information
Q129: For a given production possibilities frontier, which
Q130: There is general agreement among economists that
Q145: The local symphony recently raised its price
Q238: If Polaroid wanted damages against Kodak for