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den 011 > SAS 11 > Flashcards

SAS 11 Flashcards

1
Q

Denotes satisfaction or subjective pleasure

A

Utility

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2
Q

Utility is measurable

A

Cardinal ranking of preferences

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3
Q

Refers to the total amount of satisfaction one obtains

A

Total utility

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4
Q

States that the successive consumption of the same good or service increases the total utility

A

The law of diminishing marginal utility

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5
Q

States that the successive consumption of the same good or service increases the total utility

A

Law of diminishing marginal utility

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6
Q

The additional satisfaction derived from the consumption of an additional unit of goods and services

A

Marginal utility

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7
Q

Rank or order and individual’s preferences

A

Ordinal ranking of preferences

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8
Q

A measurement of utility

A

Utils

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9
Q

A line showing all the combinations of two goods

A

Indifference curve

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10
Q

A series of indifference curve

A

Indifference map

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den 011 (2 decks)

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