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Principles of Economics-Micro - 40085
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A measure of the response to a change in an economic variable.
elasticity
A measure of the response by consumers of a good to a change in the price of that good, ceteris paribus.
price elasticity of demand
A measure of the response by consumers of a good to a change in income, ceteris paribus.
income elasticity of demand
A measure of the response by consumers of a good to a change in the price of another good, ceteris paribus.
cross-price elasticity of demand
A measure of the response by producers of a good to a change in the price of that good, ceteris paribus.
price elasticity of supply
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.
elastic demand
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.
inelastic demand
The condition that exists when any increase in the price of a good causes quantity demanded to drop to zero.
perfectly elastic demand
The condition that exists when a change in the price of a good leads to no change in quantity demanded.
perfectly inelastic demand
The price of a good times the quantity sold.
total revenue
The theory of determining who ultimately pays a sales or excise tax.
tax incidence
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Author
LCCStudent
ID
174564
Card Set
Principles of Economics-Micro - 40085
Description
Unit 5 - Chapter 7 Vocabulary
Updated
2012-10-01T00:38:32Z
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