Econ

Front 1

utility

Back 1

the benefit someone gets from the consumption of goods and services

Front 2

when maximizing total utility and spending all income that equalizes

Back 2

the marginal utility per dollar for all goods

Front 3

utility-when income rises the demand curve for a normal good shifts ________________, so that the new quantity consumed marginal utility per dollar is __________ for all goods.

Back 3

rightward, equal

Front 4

from consumer equilibrium, a rise in income

Back 4

increases total utility

Front 5

endowment effect

Back 5

the good you have is worth more than a good you dont own that is equal value

Front 6

total utility

Back 6

the benefit gained from all consumption

Front 7

diminishing marginal utility

Back 7

enjoying the second good less than the first

Front 8

four firm concentration system

Back 8

percentage of value of sales accounted for by the 4 largest firms in an industry

Front 9

in the short run a firms plant is ____________

Back 9

fixed

Front 10

points below a firms total curve are

Back 10

attainable but not technologically efficient

Front 11

a firms total product curve shows at first that it has increasing ________________________

Back 11

marginal returns and then diminishing marginal returns

Front 12

when marginal return is less than average product, average product is ________________________

Back 12

falling

Front 13

when marginal and average product of labor are equal to each other the average product must be at its _____________ value

Back 13

maximum

Front 14

the average total cose

Back 14

is U shaped, increases eventually because of diminishing returns, dimishes initially because average fixed costs diminish

Front 15

average fixed costs decreases as

Back 15

outputs increase