The MOVEMENT along the DEMAND CURVE showing that a different quantity is purchased in response to a CHANGE IN PRICE.
Question 2
2.
The DIFFERENT AMOUNTS of a PRODUCT ARE DEMANDEDat every price, causing the demand curve to SHIFT to the LEFT to RIGHT.
Question 3
3.
Products that INCREASE the use of OTHER PRODUCTS; products related in such a way that an INCREASE in the PRICES OF ONE DEMAND GOES for both
Question 4
4.
Change in the amount offered for sale in response to a price change; movement along the supply curve
Question 5
5.
A graph showing the quantity demanded at each and every possible price that might prevail in the market at a given tim
Question 6
6.
A listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
Question 7
7.
The combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
Question 8
8.
The different amounts offered for sale at each and every possible price in the market; shift of the supply curve
Question 9
9.
Price when quantity supplied equals quantity demanded; price that clears the market
Question 10
10.
Type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied)
Question 11
11.
The quantity of output supplied that is equal to the quantity demanded at the equilibrium price
Question 12
12.
A measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable, such as price
Question 13
13.
Case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
Question 14
14.
Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded
Question 15
15.
The principle that more will be offered for sale at higher prices than at lower prices
Question 16
16.
Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Question 17
17.
Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded
Question 18
18.
The highest legal price that can be charged for a product
Question 19
19.
The lowest legal price that can be paid in markets for goods and services, labor, or financial capital
Question 20
20.
The amount offered for sale at a given price; point on the supply curve
Question 21
21.
Competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other
Question 22
22.
Amount of a product offered for sale at all possible prices in a market at a given point in tim
Question 23
23.
A
graph that shows the quantities supplied at each and every possible price in the market
Question 24
24.
SiSuation where quantity supplied is greater than quantity demanded at a given price.
Question 25
25.
Situation where quantity supplied is less than quantity demanded at a given price