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If chicken and beef are substitutes, then a fall in the price of chicken will bring about:
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming one more unit of a product or service.
Utility Maximizing Rule
A principle in economics stating that to maximize satisfaction or utility, consumers allocate their expenditures so that the last unit of currency spent on each product provides the same level of marginal utility.
Budget Constraint
The limitation on the purchasing ability of a consumer based on available income and prices.
Marginal Utilities
The extra pleasure or benefit derived from consuming one more unit of a product or service.
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