Term
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Definition
| The amount of a product consumers are willing to buy |
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Term
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Definition
A table that shows the relationship between the price of a product and the quantity demanded, ceteris paribus.
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Term
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Definition
A curve that shows the relationship between the price of a good and quantity demanded by an individual consumer, ceteris paribus.
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Term
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Definition
| There is a negative relationship between price and quantity demanded, ceteris paribus. |
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Term
| Perfectly Competitive market |
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Definition
| A market with many sellers and buyers of a homogenous product and no barriers to entry |
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Term
| Change in quantity demanded |
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Definition
| a change in the quantity consumers are willing and able to buy when the price changes; represented graphically by movement along the demand curve |
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Term
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Definition
| a curve showing the relationship between price and quantity demanded by all consumers, ceteris paribus. |
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Term
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Definition
| The amount of a product that firms are willing and able to sell |
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Term
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Definition
| A table that shows the relationship between the price of a product and quantity supplied, ceteris paribus. |
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Term
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Definition
A curve showing the relationship between price and quantity supplied by a single firm, ceteris paribus
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Term
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Definition
| There is a positive relationship between price and quantity supplied |
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Term
| change in quantity supplied |
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Definition
| A change in the quantity furmns are willing and able to sell when the price changes; represented graphically by movement along the supply curve |
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Term
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Definition
| the lowest price at which a product will be supplied |
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Term
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Definition
| A curve showing the relationship between the market price and quantity supplied by all firms, ceteris paribus. |
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Term
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Definition
| Increase the level of an activity as long as its marginal benefit exceeds its marginal cost. Choose the level at which the marginal benefit equals the marginal cost |
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Term
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Definition
| A situation in which the quantity demanded equals the quantity supplied at the prevailing market price |
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Term
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Definition
| A situation in which, at the prevailing price, the quantity demanded exceeds the quantity supplied |
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Term
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Definition
| A situation in which the quantity supplied exceeds the quantity demanded as the prevailing price |
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Term
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Definition
| A shift of the demand curve caused by a change in a variable other than the price of the product |
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Term
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Definition
| A good for which an increase in income increases demand |
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Term
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Definition
| A good for which an increase in income decreases demand |
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Term
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Definition
| Two goods for which an increase in the price of one good increases the demand for the other good |
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Term
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Definition
| Two goods for which a decrease in the price of one good increases the demand of the other good |
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Term
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Definition
| A shift in the supply curve caused by a change in a variable other than the price of the product |
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