question
elasticity of supply
answer
a measure of the way quantity supplied reacts to a change in price
question
marginal cost
answer
the cost of producing one more unit of a good
question
complements
answer
two goods that are bought and used together
question
circular flow model
answer
a simplified representation of how the economy's transactions work together
question
demand
answer
the desire to own something and the ability to pay for it
question
demand curve
answer
a graphic representation of a demand schedule
question
demand schedule
answer
a table that lists the quantity of a good a person will buy at each different price
question
Law of Supply
answer
producers offer more of a good as its price increases and less as its price falls
question
market demand curve
answer
the horizontal sum of all individual demand curves
question
Law of Demand
answer
consumers buy more of a good when its price decreases and less when its price increases
question
Inelastic
answer
describes demand that is not very sensitive to price changes
question
total revenue
answer
Price x Quantity
question
elasticity of demand
answer
a measure of how consumers react to a change in price
question
income effect
answer
the change in consumption resulting from a change in real income
question
total product
answer
total output produced by the firm
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
