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Econ Test chapter 4

STUDY
PLAY
what is a regulated limit which price levels set above the equalirium prices?
price floor
what is the place at which quantity demanded and quantity supplied are equal?
equalibrium
what is the ammount of money that a buyer pays the seller for a particular item?
price
What changes the quantity demanded or the quantity supplied on a demand or supply curve?
price
what is a regulated limit which price levels set below the equalirium prices?
price ceiling
when consumers will pay high prices for a particular commodity because they feel there are no substitutes?
inelastic
what states that one supply of a specific good or service increases the satisfaction of derived from each additional unit tends to decrease?
diminishing marginal utility
whats a good capable of being used in place of another good?
substitute
what is the amount of satisfaction that results from a one unit increase of a good?
marginal utility
what do you call a group of buyers or sellers of a particular good?
market
what do you call the term that when prices go up people tend to buy less?
price elasticity of demand
what do you call the graph of the relationship between the price of the good and the quantity demanded?
demand curve
whats the term we use when the government places a limit on how much a producer can charge?
price ceiling
quantity of a good rises the price of the good will also rise?
law of supply
what haooens when the quantity demanded exceeds the quantity supplied in price?
shortage
what is a good that can be used in conjunction with another good?
complement
factors that can cause an increase or decrease in the demand for a good?
income, population, consumer expectations, tastes and preferences, prices of related goods