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Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Hiram Revels, Blanche Bruce
Substitute Products
Goods or services that can be used in place of one another, where the increase in price of one leads to an increase in demand for the other.
Total Utility
The total amount of satisfaction derived from the consumption of a single product or a combination of products.
Marginal Utility
The additional satisfaction or benefit obtained from consuming one more unit of a good or service.
Consumer's Income
The total amount of income a person earns from work, investments, and other sources, influencing their purchasing power and demand for goods.
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