Microeconomics Vocab
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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| show | A group of buyers and sellers of particular good or service.
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| Buyers | show 🗑
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| show | Determine the supply of the product
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| Competitive market | show 🗑
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| show | The goods offered for sale are exactly the same. The buyers and sellers are so numerous that no single buyer or seller has any influence over the market price.
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| show | Buyers and sellers must accept the price the market determines.
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| Monopoly | show 🗑
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| Quantity demanded | show 🗑
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| show | When the price of a good rise, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.
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| show | A table that shows the relationship between the price of a good and the quantity demanded.
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| show | Increase in demand
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| show | Decrease in demand
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| Normal good | show 🗑
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| Inferior good | show 🗑
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| Substitutes | show 🗑
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| Complements | show 🗑
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| show | Taste, expectations, number of buyers
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| show | The amount that sellers are willing and able to sell
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| Law of supply | show 🗑
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| Supply schedule | show 🗑
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| Curve to the right | show 🗑
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| show | Decrease in supply
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| show | Input prices, technology, expectations, number of sellers
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| Equilibrium | show 🗑
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| show | Suppliers are unable to sell all they want at the going price
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| show | Demanders are unable to buy all they want at the going price
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| Steps to analyze changes in equilibrium | show 🗑
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| show | Measures how much the quantity demanded responds to a change in price.
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| show | the quantity demanded responds substantially to changes in the price.
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| show | it is easier for consumer to switch from that good to others.
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| show | the quantity demanded responds only slightly to changes in the price
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| show | inelastic demands
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| show | elastic demands
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| Narrowly defined markets tend to have | show 🗑
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| Goods tend to have more elastic demand over | show 🗑
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| formula for price elasticity of demand | show 🗑
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| show | ((Q2-Q1)/[(Q2+Q1)/2]) / (P2-P1)/[(P2+P1)/2]
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| show | greater than 1 (quantity moves more than price)
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| show | less than one (quantity moves less than the price)
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| perfectly inelastic (zero inelasticity) means | show 🗑
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| show | gets flatter and flatter
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| show | price elasticity of demand approaches infinity and the demand curve becomes horizontal
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| An inelastic curve looks like | show 🗑
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| show | P (price of good) * Q (quantity of good sold)
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| show | p
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| show | q
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| show | total revenue
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| When demand is elastic (a price elasticity greater than 1) | show 🗑
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| show | total revenue remains constant when the price changes
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| show | ratio of change over price (rise) / change in quality (run)
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| Elasticity in a revenue curve represents | show 🗑
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| show | demand curve is inelastic
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| show | demand curve is elastic
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| linear demand curve | show 🗑
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| The income elasticity of demand | show 🗑
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| show | percentage change in quantity demanded / percentage change in income
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| The cross price elasticity of demand | show 🗑
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| show | percentage change in quantity demand good 1 / percentage change in price of good 2
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| price elasticity of supply | show 🗑
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| show | the flexibility of sellers to change the amount of the good they produce
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| show | percentage change in quantity supplied / percentage change in price
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| zero elasticity (perfectly inelastic) means | show 🗑
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| show | the supply curve is horizontal
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