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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 9: Consumer Demand | Unit 5: Taking Stock
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Page: 21 of 22
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Topic:
Two Considerations
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- The law of diminishing marginal utility sets the stage for understanding the law of demand.
- But it represents only part of the explanation.
- Two other considerations in our behind the scenes look at demand are:
- Constrained Choices
- If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
- Other Goods
- In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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LIML
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