Term
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Definition
| Actual expenses plus depreciation charges for capital equipment |
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Term
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Definition
| Collection of buyer and sellers that, through their actual or potential interaction, determine the price of a product or set of products |
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Term
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Definition
| Cost to a firm of utilizing economic resources in production, including opportunity cost |
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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 quantity demanded of the other |
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Term
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Definition
| Two goods for which an increase in the price of one lead to a decrease in the quantity demanded of the other |
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Term
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Definition
| Cost that does not vary with the level of output and that can be eliminated only by shutting down. |
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Term
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Definition
| Percent change in quantity demanded of a good resulting from a 1% increase in price |
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Term
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Definition
| Cost that varies as output varies |
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Term
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Definition
| Percent change in quantity demanded of a good resulting from a 1% increase in income. |
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