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The Consumer Test

Enter the letter for the matching Definition
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1.
UTILITY
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2.
PRICE
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3.
EQUI-MARGINAL UTILITY PRINCIPLE
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4.
CONSUMER
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5.
THE LAW OF DIMINISHING MARGINAL UTILITY
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6.
CHARACTERISTIC OF ECONOMIC GOODS
A.
As more units of the good are consumed, a point will be reached where marginal utility eventually begins to decline
B.
The good must provide the consumer with some feeling of satisfaction
C.
Explains the behaviour of a consumer in distributing their limited income along various goods and services
D.
Price, Utility and Transferable
E.
it must command a price
F.
An individual who makes the decision whether to buy goods or services
Type the Term that corresponds to the displayed Definition.
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7.
A product or service which commands a price, derives utility and is transferable
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8.
The condition where there is no tendency to change
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9.
The amount of benefit or satisfaction derived from the consumption of a good or service
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10.
Ownership or benefit must be capable of being given from one person to another
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11.
MUx / Px = MUy / Py.............MUn / Pn
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12.
The extra satisfaction a consumer gets from consuming an extra unit of the good

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Created by: jennifer.s
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