Rev Flashcards
The demand when the quantity demanded does not change as price changes.
Perfectly Inelastic Demand
The quantity demanded changes proportionately more than price changes.
Elastic Demand
The quantity demanded changes proportionately to price changes.
Unit Elastic Demand
The demand when the quantity demanded does not change as price changes.
Perfectly Inelastic demand
The quantity demanded changes proportionately less than price changes.
Inelastic demand
a condition in which the quantity demand is greater that the quantity supplied.
Shortage
a condition in which the quantity supplied is greater that the quantity demand.
Surplus
The total cost are equal to total revenue
Breakeven
The price at which the quantity demanded of the good equals the quantity supplied.
Equilibrium price
The numerical tabulation of the quantity supplied of a good at different prices. The representation of the law of supply
Supply Schedule
The graphical representation of the law of supply.
Supply Curve
Two goods that satisfy similar needs or desires.
Substitutes
The willingness and ability of buyers to purchase different quantities of goods at different prices during a specific time period
Demand
Any place people come together to trade.
Market
The price of good rises the quantity demanded of the good false and as the price of good falls the quantity demanded of good rises.
Law of demand
