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The quantity supplied and the quantity demanded at the equilibrium price
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A table that shows the relationship between the price of a good and the quantity demanded
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A table that shows the relationship between the price of a good and the quantity supplied
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Two goods for which an increase in the price of one leads to an increase in the demand for the other
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A group of buyers and sellers of a particular good or service
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Market with only one seller
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A good for which, other things equal, an increase in income leads to a decrease in demand
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A situation in which quantity demanded is greater than quantity supplied
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A situation in which quantity supplied is greater than quantity demanded
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The amount of a good that buyers are willing and able to purchase
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A situation in which the price has reached the level where quantity supplied equals quantity demanded
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A market in which there are many buyers and sellers so that each has a negligible impact on the market price
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The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
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A graph of the relationship between the price of a good and the quantity demanded
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The price that balances quantity supplied and quantity demanded
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The amount of a good that sellers are willing and able to sell
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The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
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The claim that the price of any good adjusts to bring the quantity supplied and quantity demanded for that good into balance
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Two goods for which an increase in the price of one leads to a decrease in the demand for the other
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A good for which, other things equal, an increase in income leads to an increase in demand
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A graph of the relationship between the price of a good and the quantity supplied
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A measure of how much the quantity
demanded of a good responds to a
change in consumers’ income.
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When the quantity demanded or
supplied responds substantially to a
change in one of its determinants.
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A good characterized by a negative
income elasticity.
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A measure of the responsiveness of the
quantity demanded or quantity supplied
to a change in one of its determinants.
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A good characterized by a positive
income elasticity
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A measure of how much the quantity
supplied of a good responds to a change
in the price of that good.
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When the quantity demanded or
supplied responds only slightly to a
change in one of its determinants.
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The amount paid by buyers and received
by sellers of a good computed as P × Q.
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A measure of how much the quantity
demanded of a good responds to a
change in the price of that good.
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A measure of how much the quantity
demanded of one good responds to a
change in the price of another good.
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The manner in which the burden of a tax is shared among participants in a market
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A legal maximum on the price at which a
good can be sold
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The difference between what the buyer pays and the seller receives after a tax has been imposed
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A legal minimum on the price at which a
good can be sold
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