Term
| The quantity demanded of a good is: |
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Definition
| The amount of a good that buyers are willing and able to purchase |
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Term
| The supply curve of a good is: |
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Definition
| A graph showing the relationship between the price of a good and the amount that sellers are willing and able to sell |
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Term
| a shift is in __ direction(s) and a movement is in __ direction(s) (left or right, diagonal counts as two) |
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Definition
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Term
| What is determined by price elasticity of demand? |
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Definition
| how responsive buyers are to changes in price |
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Term
| income elasticity of demand |
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Definition
| the percentage change in quantity demanded divided by the percentage change in income. |
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