ECONOMICS A
LEARNING UNIT 7
Fill in the Missing words
1. _________________ is the degree of satisfaction that a consumer ___________ or
_______________ to derive from the __________________ of a good or service
2. _____________ __________________ involves the idea that ______________ can be
measured in some way while __________________ ________________ involves
ranking different ______________ of consumer goods and services
3. The unit of measure for utility is ________________
4. The extra or ___________ utility that a consumer derives from the consumption of
one additional unit of a good is called __________________ ________________
5. Negative utility is also called ________________
6. Total utility ________________ as long as marginal utility is ________________ and
then ____________________ when marginal utility becomes __________________
7. A consumer (single product) is viewed to be in equilibrium when_____________
__________________is at a _______________ and therefore ____________
_________________ is equal to ______________
8. Weighted marginal utility of a product is obtained by dividing ___________
________________ by the ________________
9. Consumer equilibrium (multiple products) is when the weighted marginal utility of all
choices are ________________ and when she/he has spent all her available
__________________