Total demand is a function of three separate situations, which can be described as ___________.

When consumer demandis sensitive to price changes, _____ occurs.

With _____________ demand the price changes, but the amount purchased remains the same.

You are analyzing a trade-off when you compare the _____and _____ of doing something.

You can afford to buy the latest hdtv, which means that it _____ as demand for you.

A giffen good is one in which the _____ curve is _____ sloped.

Substitution effect is when a consumer’s switch to another similar good when the _____ of the preferred good increases

Extra satisfaction generated by consumption of an additional good during a specific time period is called

Income effect occurs because of a consumer’s ____ purchasing power.

Diminishing marginal utility is A good’s ability to provide ____ satisfaction with each successive unit consumed

Consumer equilibrium is Based on the ratio of ________Utility.