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2nd Test

Definitions

QuestionAnswer
Ceteris Paribus The requirement that when analyzing the relationship between two variables - such as price and quantity demanded - other variables must be held constant.
Law of Demand The rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease.
Law of Supply The rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied.
Competitive Market Equilibrium Has a market equilibrium with many buyers and sellers. Only at this point is the quantity demanded equal to the quantity supplied.
Complements Goods and services that are used together.
Demand Curve A curve that shows the relationship between the price of a product and the quantity of the product demanded.
Demand Schedule A table that shows the relationship between the price of a product and the quantity of the product demanded.
Demographics The characteristics of a population with respect to age, race, and gender.
Income Affect The change in the quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing power.
Inferior Good A good for which the demand increases as income falls and decreases as income rises.
Market Demand The demand by all the consumers of a given good or service.
Market Equilibrium Occurs where the demand curve intersects the supply curve.
Normal Good A good for which the demand increases as income rises and decreases as income falls.
Perfectly Competitive Market A market that meets the conditions of (1) many buyers and sellers (2) all firms selling identical products, and (3) no barriers to new firms entering the market.
Quantity Demanded The amount of a good or service that a consumer is willing and able to purchase at a given price.
Quantity Supplied The amount of a good or service that a firm is willing and able to supply at a given price.
Shortage A situation in which the quantity demanded is greater than the quantity supplied.
Substitutes Goods and services that can be used for the same purpose.
Substitution Affect The change in the quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods that are substitutes.
Supply Curve A curve that shows the relationship between the price of a product and the quantity of the product supplied.
Surplus A situation in which the quantity supplied is greater than the quantity demanded.
Technological Change A positive or negative change in the ability of a firm to produce a given level of output with a given quantity of inputs.
20 MCP
Created by: eagle4942
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