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DEMAND PRICE: The maximum price that buyers would be willing and able to pay for a given quantity of a good. The emphasis here is on maximum. As a general rule buyers have an upper limit to the price that they would be willing to pay for a good. As an upper limit, they would gladly go lower.
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UTIL A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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NTB
Non-Tariff Barrier
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