. Flashcards
1
Q
consumer surplus
A
the benefit, would have payed - actually payed
2
Q
ceteris paribus
A
other things being equal
3
Q
equilibrium price
A
price where demanded quantity and supplied quantity are the same
4
Q
inferior good
A
demand falls as income rises, demand rises and income falls
5
Q
law of demand
A
higher price = lower demand
6
Q
law of supply
A
higher price = higher supply
7
Q
A
