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Demand

Nrhsecovit 's Vocabulary for Unit on Demand

QuestionAnswer
a place where people come together to buy and sell goods and services market
states that as a person consumes additional units of a good eventually the utility gained from each additional unit of the good decreases law of diminishing marginal utility
exists when the percentage change in quantity demanded is less than the percentage change in price inelastic demand
willingness and ability to purchase demand
goods consumed jointly;price of one good and demand for the other move in opposite directions complements
the relationship between the percentage change in quantity demanded and the percentage change in price elasticity of demand
states that as the price of a good increases the quantity demanded decreases and as the price of a good decreases , the quantity demanded of the good increases law of demand
a good for which demand rises as income rises and falls as income falls normal good
exixts when tthe percentage change in quantity demanded is greater than the percentage change in price elastic demand
a good for which demand falls as income rises and rises as income falls inferior good
a good for which demand remains unchanged as income rises or falls neutral good
Two goods are considered this If the price of one good and the demand for the other move in the same direction substitutes
a numerical chart showing the law of demand demand schedule
a line that represents the law of demand on a graph demand curve
exists when the percentage change in quantity demanded is the same as the percentage change in price unit-elastic demand
refers to the number of units purchased at a specific price quantity demanded
tastes, income,market size,expectations,related goods demand shifters
Created by: nrhsecovit
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