Term
|
Definition
| a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker. |
|
|
Term
|
Definition
| two goods for which an increase in the price of one leads to a decrease in the demand for the other. |
|
|
Term
|
Definition
| the graph of the relationship between the price of a good and the quantity demanded. |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity demanded |
|
|
Term
|
Definition
| a situation in which the market price has reached the level at which quantity |
|
|
Term
|
Definition
| the price that balances quantity supplied and quantity demanded. |
|
|
Term
|
Definition
| the quantity supplied and the quantity demanded at the equilibrium price. |
|
|
Term
|
Definition
| a good for which, other things equal, an increase in income leads to a decrease in demand. |
|
|
Term
|
Definition
| the claim that, other things equal, the quantity demanded of a good falls when the price of a good rises. |
|
|
Term
|
Definition
| the claim that, other things equal, the quantity supplied of a good rises when the price of a good rises. |
|
|
Term
|
Definition
| the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance. |
|
|
Term
|
Definition
| a group of buyers and sellers of a particular good or service |
|
|
Term
|
Definition
| a good for which, other things equal, an increase in income leads to an increase in demand |
|
|
Term
|
Definition
| the amount of a good that buyers are willing and able to purchase |
|
|
Term
|
Definition
| the amount of a good that a seller is willing and able to sell |
|
|
Term
|
Definition
| a situation in which the quantity demanded is greater than the quantity supplied |
|
|
Term
|
Definition
| two goods for which in increase in the price of one leads to an increase in the demand for the other. |
|
|
Term
|
Definition
| a graph of the relationship between the price of a good and the quantity supplied |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity shipped. |
|
|
Term
|
Definition
| a situation in which the quantity supplied is greater than the quantity demanded |
|
|
