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# Chapter 5

QuestionAnswer
Elasticity The responsiveness of quantities demanded and supplied to a change in price.
Price Elasticity of Demand An expression of how much more or less consumers will buy a product if its price changes.
Inelastic Coefficient A coefficient for a product of less than one, indicating that a given percentage change in price causes a smaller percantage change in quantity demanded.
Elastic Coefficient A coefficient for a product of more than one, indicating that a given percentage change in price causes a greater percentage change in quantity demanded.
Unitary Coefficient A coefficient of a product equal to one, indicating that a given change in price causes an equal percentage change in quantity demanded.
Total Revenue The price of a product multiplied by the quantity demanded of the product.
Elasticity of Supply The responsiveness of the quantity supplied by a seller to a rise or fall in its price.
Marginal Utility Theory of Consumer Choice (Utility Theory) A theory stating that the extra statisfaction that a consumer achieves from consuming successive units of a good diminishes. With two or more items, consumers maximize their statisfaction when they recieve the same amount of statisfaction per dollar.
Marginal Utility A measure of the extra statisfaction that a consumer achieves from consuming one more unit of a product.
Util A theoretical unit of satisfaction that a person gains from consuming an item.
Consumer Equilibrium The state of satisfaction a consumer reaches when the marginal utility divided by price is equal for two or more products bought by the consumer.
Paradox of Vaule A seeming contradiction in the economy in which the demand for necessities needed for survival is not high enough to ensure that their prices at least match the prices of luxury items, which are unnecessary for survival.
Consumer Surplus The difference between what consumers are willing to pay for an item and what they actually pay.
Ceiling Price A restriction imposed by a government in order to prevent the price of a product from rising above a certain level.
Black Market An illegal exchange of goods in short supply, as when some people buy up as much of the good as possible, stockpile it, and sell it at a higher price.
Floor Price A restriction that prevents a price from falling below a certain level.
Subsidy A payment made by the government to a producer to achieve some desired outcome, such as installing pollution control equipment.
Quota A restriction placed on the amount of product that domestic producers are allowed to produce; also, a limit on the total quantity of goods imported into a country.
Marketing Board An agricultural organization established to administer quotas and market the products or its producers.
Rent The price people pay for accommodation, determinded by supply and demand.
Wage The price a worker receives for supplying labour to a business with a demand for it.
Minimum Wage A government-establised wage, higher than one set by the demand for, and supply of, workers.
Created by: sgreulich

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