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amount of a good or service that a customer is willing and able to purchase at a given price
a good for which the demand increases as income falls and decreases as income rises
requirement that when analyzing the relationship between two variables (like price and quantity demanded) other variables must be held constant.
positive/negative change in the ability of a firm to produce a given level of output with a given quantity of inputs
a situation in which quantity demanded equals quantity supplied
table that shows the relatinoship between the price of a produce and quantity of the product demanded
goods and services that can be used for the same purpose
a situation in which the quantity demanded is greater than the quantity supplied
change in quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are subsitutes
the rule that, holding all else constant, when price of a product falls, the quantity demanded of the product will increase and when the price of a product rises the quantity demanded of the product will decrease
a curve that shows the relationship between the price of a product and the quantity of the product demanded
a market equilibrium with many buyters and sellers
a good for which the demand increases as income rises and decreases as income falls
a table that shows the relationship between the price of a product and the quantity of the product supplied
a market that has:
1. many buyers and sellers
2. all firms are selling identical products
3. no barriers to new firms entering the market
demand by all the consumers of a given good or service
the rule that, holding all else constant, increase in price causes increases in the quantity supplied and decreases in price causes decreases in the quantity supplied
a situation in which the quantity supplied is greater than the quantity demanded
a curve that shows the relationship between the price of a product and the quantity of the product supplied
the amount of a good or service that a firm is willing and able to supply at a given price
goods and services that are used together
the change in quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing power
characteristics of a population with respect to age, gender, and race.
