Create an account
law of demand
consumers buy more of a good when its price decreases and less when its price increases
when consumers react to an increase in good's price by consuming less of that good and more of other good
market economy schedule
a table that lists the quantity of a good all consumers in a market will buy at each different price
unitary elastic demand
a special case. when demadn is unitary elastic, an increase (or decrease) in price will be met by an equal percentage decrease ( or incerase) in quantity demanded. Elasticity of dmeand is exactly 1.
market supply schedule
a chart that lists how much of a good all suppliers will offer at different prices
increasing marginal returns
a level of production in which the marginal product of labor increases as the number of workers increases
diminishing marginal returns
a levl of production in which the marginal product of labor decreases as the number of workers increases
the additional income from selling one more unit of a good; sometimes equal to price
describes any price or quantity not at equliibrium; when quantity supplied is not equal to quantity demanded in a market
situation in which quantityh supplied is greater than quanity demanded aka excess supply -_-
situation in which quantity demanded is greater than quantity supplied aslo known as excess demand
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together