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12 Cards in this Set
- Front
- Back
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price consumption curve
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curve tracing the utility-maximizing combinations of two goods as the price of one changes.
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individual demand curve
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Curve relating the quantity of a good that a single consumer will buy to its price.
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income-consumption curve
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Curve tracing the utility-maximizing combinations of two goods as a consumer's income changes.
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Engel curve
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Curve relating the quantity of a good consumed to income.
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Substitution effect
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Change in consumption of a good associated with a change in its price, with the level of utility held constant
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income effect
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change in consumption of a good resulting from an increase in purchasing power, with relative prices held constant
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market demand curve
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Curve relating the quantity of a good that all consumers in a market will buy to its price.
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isoelastic demand curve
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demand curve with a constant price elasticity
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consumer surplus
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difference between what a consumer is willing to pay for a good and the amount actually paid (the total benefit from the consumption of a product, less the total cost of purchasing it)
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network externality
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When each individual's demand depends on the purchases of other individuals.
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bandwagoon effect
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positive network externality in which a consumer wishes to possess a good in part because others do.
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snob effect
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negative network externality in which a consumer wishes to own an exclusive or unique good.
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