Shared Flashcard Set

Details

Microeconomics-2
exam #2 content
5
Economics
Undergraduate 2
11/01/2011
Click here to study/print these flashcards.

Create your own flash cards! Sign up here.

Additional Economics Flashcards

 

 

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.
Supporting users have an ad free experience!