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When we own something, we value it more than other people do. This is known as ______.
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The endowment effect
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Standard economics views consumers as ______.
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Completely self-controlled
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When consumers rely on decisions they feel have worked well enough in the past, they are using ______.
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Rules of thumb
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Behavioral economics augments the traditional economic model by drawing on which of the following fields?
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Psychology
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At consumer equilibrium, the marginal utility per dollar for smartphones and tablets would be ______.
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Correct Answer:
Equal
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If a movie ticket and a dance recital ticket cost the same, but the marginal utility of the dance recital ticket is greater than the marginal utility of the movie ticket, then consumers will buy ______.
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Correct Answer:
More dance recital tickets
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Consumer equilibrium occurs when all goods ______.
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Deliver the same “bang for the buck”
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A consumer will stop buying one good and start buying a second good if she gets ______.
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More satisfaction per dollar from the second good
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Because of the law of diminishing marginal utility, the marginal utility curve has a(n) ______ slope.
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Correct Answer:
Negative
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Extra satisfaction generated by consumption of an additional good or service during a specific time period is known as ______.
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Marginal utility
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What happens to marginal utility as consumption increases?
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It decreases.
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As consumption increases, ______ also increases.
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Total utility
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Economists recognize that it is not really possible to make ______ utility comparisons.
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Interpersonal
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Which of the following do economists define as equal to one unit of satisfaction?
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Correct Answer:
One util
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Which of the following is used to explain why the demand curve has a downward slope?
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Correct Answer:
Law of diminishing marginal utility
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Utility is ________ of Satisfaction
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Relative levels
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One unit of satisfaction is called
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Util
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Total amount of satisfaction derived from the consumption of a certain number of goods or services is known as
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Total Utility
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Substitution effect is when a consumer’s switch to another similar good when the _____ of the preferred good increases
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Correct Answer:
Price
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Substitution effect is when a consumer’s switch to another similar good when the _____ of the preferred good increases
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Correct Answer:
Price
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Extra satisfaction generated by consumption of an additional good during a specific time period is called
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Correct Answer:
Marginal Utility
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Income effect occurs because of a consumer’s ____ purchasing power.
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Decreased
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Diminishing marginal utility is A good’s ability to provide ____ satisfaction with each successive unit consumed
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Less
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Consumer equilibrium is Based on the ratio of ________Utility.
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Correct Answer:
Marginal Utility
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A field of economics that incorporates insights from human psychology is called
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Correct Answer:
Behavioral economics
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