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Chapter 4 Section 2
What is the law of diminishing marginal utility?
•
What is the difference between a change in demand and a change in quantity demanded?
Graph an example of each.
•
What factors cause a change in demand? Define and give an example for each.
1. Income:
Define and explain: inferior goods and normal goods
2.
Market Size:
3. Consumer Tastes:
4. Consumer expectations:
5.
Price of Substitute Goods:
6. Price of Complementary Goods:
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