Accounting > Class Notes > Demand and Utility Notes (All)
Demand and Utility Notes
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Demand is a consumer's willingness and ability to purchase a good or service at a given price, while utility is the satisfaction or benefit a consumer derives from consuming it. The Law of Diminishing ... Marginal Utility states that each additional unit of a good consumed provides less utility than the previous one. Factors like income, preferences, prices of related goods (substitutes and complements), and advertising influence demand, which in turn is driven by utility and the constraints of affordability. [Show More]
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