Ceteris paribus
Ceteris Paribus ("All Other Things Being Equal"), what does the "Law of Demand" assert?
As Price increases, Demand (Demand Quantity) decreases, and vice-versa.
A product (good or service) that fulfills the same need or want of another good or service.
What is a "Substitute" Product (Good or Service)?
The point at which "Demand" (Demand Quantity) and "Supply" (Supply Quantity) match each other perfectly.
What is Equilibrium (Market Equilibrium)?
This type of shift of a Demand Curve represents an overall increase in Demand at all Price Points.
What is Demand Curve Shift to the right (outward)?
The maximum allowable price that may be legally charged for a product (good or service) is known as this.
What is a "Price Ceiling"?
Ceteris Paribus (All Other Things Equal), What does the "Law of Supply" maintain?
As Price increases, Supply (Quantity Supplied) also increases, and vice-versa.
Two (or more) products (good or service) that are typically purchased together.
What are "Complementary" Products (good or service)?
The price point at which the Demand Quantity is the same as the Quantity Supplied.
What is the "Equilibrium Price"?
This type of Demand Curve Shift represents an overall decrease in Demand at all Price Points.
What is a Demand Curve Shift to the left (inward)?
The guaranteed minimum price set by law for a commodity / product (good or service) is known as this.
What is a "Price Floor"?
What type of relationship do Price and Demand have?
An "Inverse" relationship; "Inversely proportional"; "Negative' relationship.
When the Demand for a product (good or service) decreases as Income increases, it may be assumed that the product is this.
What is an "Inferior Product"?
The Supply Quantity that exactly matches the Quantity Demanded.
What is the "Equilibrium Quantity"?
An increase in available resources or improvements in production technology are among the conditions that may lead to this type of Supply Curve Shift.
What is a Supply Curve Shift to the right (outward)?
When the government limits the available supply of a product or service, it is known as this.
What is a "Quota"?
What type of relationship do Price and Supply have?
A "Direct" relationship; "Directly Proportional"; "Positive" relationship.
If income increases, the Demand for a "Normal Good" will...
Also Increase.
The "Equilibrium Price" is also sometimes referred to as this.
What is the "Market-clearing Price"?
An increase in production costs such as workers' wages or the cost of raw materials are among the conditions that would result in this type of Supply Curve Shift.
What is a Supply Curve Shift to the left (inward)?
The Federal Minimum wage is one form of this price control.
What is a "Price Floor"?
Ceteris Paribus ("All Other Things Equal") what is meant by a "Competitive Market"?
A market in which there are many buyers and sellers of the same product or service.
The willingness to buy and the ability to pay for specific goods or services are two criteria that are necessary to determine this Economic phenomena.
What is "Demand"?
The condition in a Market that exists when there are no missed opportunities and no one can be made better off without making others worse off.
What is "Market Equilibrium"?
Increases in income or in the market population are among the conditions that would result in this type of Demand Curve Shift.
What is a Demand Curve Shift to the right (outward)?
A "Price Ceiling" or a "Price Floor" would have no effect on the Market only under these circumstances.
The Price Ceiling is above the Market Equilibrium Price or the Price Floor is below the Market Equilibrium Price.