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Prices
NOTE: Rational behavior The consumer tries to
use his or her money income to derive the greatest
satisfaction from it.
Preferences Each consumer has clear cut
preferences for certain goods and services available in
the market.
Budget constraint At any point in time the
consumer has a limited, fixed amount of money to
spend.
Prices Every good has a price and prices are
unaffected by amounts purchased by the consumer.
Goods and services have prices and are scarce
relative to the demand for them.