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Unformatted text preview: level to find aggregate demand Household - Unit of buyers in microeconomics. Because it is seen as one buying unit in microeconomics, a household will make coordinated efforts to maximize its utility through its choices of goods and services. The combined actions and preferences of all households in a market will determine the appearance and behavior of the demand curve. Long Run - The distant future, for which buyers and sellers make "permanent" decisions, such as exiting the market or permanently decreasing consumption. Marginal Cost - Additional cost incurred from each additional unit of goods produced. Marginal Revenue - Additional income derived from each additional unit of goods sold. Marginal Utility - Additional utility derived from each additional unit of goods acquired. Market - A large group of buyers and sellers who are buying and selling the same good or service....
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- Fall '08