Term
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Definition
| the responsiveness of quantity to a change in another variable |
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Term
| price elasticity of demand |
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Definition
| the responsiveness of quantity demanded to a change in price |
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Term
| price elasticity of supply |
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Definition
| the responsiveness of quantity supplied to a change in price |
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Term
| income elasticity of demand |
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Definition
| the responsiveness of quantity to a change in income |
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Term
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Definition
| the responsiveness of quantity of one good to a change in the price of another good |
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Term
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Definition
| the circumstance when the percentage change in quantity is larger than the percentage change in price |
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Term
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Definition
| the circumstance when the percentage change in quantity is smaller than the percentage change in price |
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Term
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Definition
| the circumstance when the percentage change in quantity is equal to the percentage change in price |
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Term
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Definition
| if the price and the amount you spend both go i the same direction then demand is inelastic whereas if they go in opposite directions demand is elastic |
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Term
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Definition
| the condition of the demand when price changes have no effect on quantity |
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Term
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Definition
| the condition of demand when price cannot change |
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Term
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Definition
| the value you get that is in excess of what you pay to get it |
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Term
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Definition
| the money the firm gets that is in excess of its marginal cost |
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Term
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Definition
| the circumstance where the market outcome is not the economically efficient outcome |
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Term
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Definition
| the degree to which the consumption of the good can be restricted by a seller to only those who pay for it |
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Term
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Definition
| the degree to which one persons consumption reduces the value of the good for the next consumer |
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Term
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Definition
| a good with the characteristics of both exclusivity and rivalry |
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Term
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Definition
| a good with neither of the characteristics of exclusivity or rivalry |
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Term
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Definition
| a good with the characteristic of exclusivity but not of rivalry |
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Term
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Definition
| a good with the characteristics of rivalry but not of exclusivity |
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Term
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Definition
| the loss in societal welfare associated with production being too little or too great |
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