Demand
This is the willingness to buy a good or service and the ability to pay for it.
What is demand?
What is change in demand?
This is the measure of how responsive consumers are to price changes.
What is elasticity of demand?
This is the desire and ability to produce and sell a product.
What is supply?
This is the price at which the quantity demanded and quantity supplied are equal.
What is Equilibrium Price?
This states that when prices go up the quantity demanded goes down.
What is the law of demand?
These are goods consumers demand less of when their income rises.
What are inferior goods?
Price X Quantity = this_______
What is total revenue?
States that when prices decrease quantity supplied decreases, when prices increase quantity supplied increases.
What is the law of supply?
This is the result of quantity supplied being greater than the quantity demanded.
What is a surplus?
This shows how much of an item all consumers are willing to purchase at each price.
What is a market demand schedule?
In this factor it deals directly with the number of consumers.
What is market size?
A product is this when consumers are responsive to price change.
What is elastic?
What are increasing returns?
This is the result of quantity demanded being greater than the quantity supplied.
What is a shortage?
Graphically shows data from a demand schedule.
What is a demand curve?
What are compliment goods?
This happens when the change in price and quantity demanded are equal.
This is the money made from the sale of each additional unit of output.
What is marginal revenue?
A government system for allocating goods and services using criteria other than price.
What is rationing?
It slopes downward from upper left to the lower right.
What is a demand curve?
This states that the marginal benefit of using each additional unit of a product during a giving period will decline.
What is the law of diminishing marginal utility?
When demand is inelastic the slope looks like this______
What is steep?
This is the level of production at which a business realizes the greatest amount of profit.
What is profit maximizing output?
This occurs when producers sell products at a lower price in order lure customers away from rival producers, while still making a profit.
What is competitive pricing?