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