Mankiw, Principles of Economics, Ch4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| competitive market | a market in which there are many buyers and many sellers so that each has a negligible impact on the market price
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| complements | two goods for which an increase in the price of one leads to a decrease in the demand for the other
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| demand curve | a graph of the relationship between the price of a good and the quantity demanded
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| demand schedule | a table that shows the relationship between the price of a good and the quantity demanded
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| equilibrium | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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| equilibrium price | the price that balances quantity supplied and quantity demanded
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| equilibrium quantity | the quantity supplied and the quantity demanded at the equilibrium price
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| inferior good | a good for which, other things equal, an increase in income leads to a decrease in demand
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| law of demand | the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
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| law of supply | the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
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| law of supply and demand | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
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| market | a group of buyers and sellers of a particular good or service
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| normal good | a good for which, other things equal, an increase in income leads to an increase in demand
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| quantity demanded | the amount of a good that buyers are willing and able to purchase
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| quantity supplied | the amount of a good that sellers are willing and able to sell
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| shortage | a situation in which quantity demanded is greater than quantity supplied
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| substitutes | two goods for which an increase in the price of one leads to an increase in the demand for the other
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| supply curve | a graph of the relationship between the price of a good and the quantity supplied
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| supply schedule | a table that shows the relationship between the price of a good and the quantity supplied
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| surplus | a situation in which quantity supplied is greater than quantity demanded
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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