| A | B |
|---|
| market demand | The sum of the individual demand of all consumers in the market. |
| demand curve | A graph that shows the quantities of a particular good that will be demanded at various prices during a given time period, other things constant. |
| individual demand | The demand of a single consumer in the market. |
| quantity demanded | The amount of a product that is demanded at a particular price. |
| movement along a given demand curve | An increase or decrease in demand that results from a change in a determinant of demand. |
| shift of a demand curve | A change in the quantity of a product demanded that results from a change i nthe product's price. |
| maraginal utility | The change in total utility resulting from a one-unit increase in consumption of a particular product. |
| law of diminishing marginal utility | The more of a good a person consumes per period, the smaller the increase in total utility from consuming one more unit, other things constant |
| law of demand | The quantity of a good demanded per period relates inversely to its price, other things constant |
| total revenue | Price multiplied by the quantity demanded at that price |
| demand | A relation showing the quantities of a good that consumers, are willing and able to buy at various prices per period, other things costant |
| elasticity of demand | Measures how responsive quantity demanded is to a price change |
| tastes | Consumer preferences; assumed to be constant along a given demand curve |
