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The price of furnace filters increased by 5 percent and the quantity demanded did not change.The price elasticity of demand for furnace filters is
Diminishing Marginal Utility
Diminishing marginal utility is an economic principle stating that as a person consumes more of a good or service, the satisfaction (utility) gained from each additional unit decreases.
Satisfaction
The feeling of pleasure or contentment arising from meeting one's needs, desires, or expectations.
Utility
A measure of satisfaction or benefit that a consumer receives from consuming goods and services.
Consumer Derives
The satisfaction or utility that a consumer obtains from the consumption of goods and services.
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