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Details Title Microeconomics-2 Description exam #2 content Total Cards 5 Subject Economics Created 11/01/2011

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Cards

Term elasticity	Definition a measure of how much buyers and sellers respond to changes in market conditions
Term The price elasticity of demand	Definition measures how responsive buyers are to a change in price.
Term Price controls	Definition usually enacted when policymakers believe that the market price of a good or service is unfair to buyers or sellers
Term Consumer Surplus	Definition a buyer’s willingness to pay minus the price
Term Consumer surplus equals the	Definition Value to buyers – Amount paid by buyers.

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