Principles of Economics-Micro - 40085

A measure of the response to a change in an economic variable.

A measure of the response by consumers of a good to a change in the price of that good, ceteris paribus.

A measure of the response by consumers of a good to a change in income, ceteris paribus.

A measure of the response by consumers of a good to a change in the price of another good, ceteris paribus.

A measure of the response by producers of a good to a change in the price of that good, ceteris paribus.

The condition that exists when a change in the price of a good leads to a relatively large change in the quantity demanded of it.

The condition that exists when a change in the price of a good leads to a relatively small change in the quantity demanded of it.

The condition that exists when any increase in the price of a good causes quantity demanded to drop to zero.

The condition that exists when a change in the price of a good leads to no change in quantity demanded.

The price of a good times the quantity sold.

The theory of determining who ultimately pays a sales or excise tax.