| A | B |
|---|
| demand | Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment. |
| microeconomics | branch of economic theory that deals with behavior and decision making by small units such as individuals and firms. |
| Demand Schedule | A listing showing the quantity demanded at all possible prices that might prevail in the market at a given time. |
| incentive | Something that motivates |
| Demand Curve | A graph showing the quantity demanded at each and every price that might prevail in the market at a given time. |
| Law of Demand | Rule stating that more will be demanded at lower prices and less at higher prices. |
| Market Demand Curve | A demand curve that shows the quantities demanded by everyone who is willing and able to purchase a product at all possible prices at one moment in time. |
| Marginal Utility | Additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product at all possible prices at one moment in time. |
| Diminishing Marginal Utility | A decrease in additional satisfaction or usefulness as additional units of a product are acquired. |
| Ceteris Paribus | other things held constant |
