Value
Carl Menger’s rule of value
What is the idea that value is in the mind of the buyer not the thing being purchased
Transmit information is one of these
What is a purpose of price
These goods increase in demand with an increase in income
What is a normal good?
The principle that states that people tend to receive less and less additional satisfaction from and good or service
What is Diminishing Marginal Utility
More than likely determines if you’ll purchase if it is higher than the asking price
What is value
Provide incentives is one of these
What is a purpose of price
These goods are used in place of others
What are substitute goods?
In a free market people will always make choices designed to suit their own ______
What are wants and needs
An increase in demand results in this
What is an increase in price
Redistribute income is one of these
What is a purpose of price
What are substitute goods?
The law that states that lower price means more will buy and higher price less will buy
What is the law of demand