Term
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Definition
| Group of buyers and sellers of a particular good or service |
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| buyers determine _____ and sellers determine ______. |
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Definition
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Definition
| A market in which there are many buyers and many sellers so that each has a negligible impact on the market price. |
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| In a perfectly competitive market... |
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Definition
| not one buyer or seller can influence the market. |
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Term
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Definition
| The among of a good that buyers are willing and able to purchase. |
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Definition
| The claim that the quantity demanded of a god falls when the price of that good rises. |
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Definition
| Sum of all individual demands for one good/service |
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Definition
| A good for which an increase in income leads to an increase in demand. |
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Definition
| A good for which a decrease in income leads to an increase in demand. |
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Term
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Definition
Two foods for which an increase in the price of one leads to an increase in the demand for the other.
Serves similar purpose. |
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Term
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Definition
Two goods for which an increase in the price of one leads to an increase in the demand for the other.
Goods often paired together. |
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Term
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Definition
| The amount of a good that sellers are willing and able to sell. |
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Term
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Definition
| The claim that the quantity supplied for a good rises when the price of that good rises. |
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Term
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Definition
| Sum of all sellers' supplies. |
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Term
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Definition
Right: Increase in demand
Left: Decrease in demand |
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Term
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Definition
Right: increase in supply
Left: decrease in supply |
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Term
| Variable that that shift demand |
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Definition
| Income, prices of related goods, tastes, expectations, number of buyers |
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Term
| Variables that shift supply curve |
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Definition
| Input prices, technology, expectations, number of selers |
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Term
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Definition
| a Situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
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Term
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Definition
| The price that balances QS and QD |
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Definition
A situation in which QS is greater than QD
Leads to fall in prices. |
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Term
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Definition
A situation win which QS is less than QD
Leads to raised prices |
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Term
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Definition
| the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance. |
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