Inferior good
Give this one a try later!
A good for which a rise in income decreases the demand for the good.
List 4 of the 5 demand shifters.
, Give this one a try later!
Change in number of consumers, change in consumer incomes, change in
price of related goods, and change in the future price expectations.
Cross-price elasticity of demand
Give this one a try later!
A measure of the effect of the change in the price of one good on the
quantity demanded of the other good; it is equal to the percent change in
the quantity demanded of one good divided by the percent change in the
price of another good.
Consumer surplus
Give this one a try later!
A term often used to refer both to individual consumer surplus and to total
consumer surplus.
"Other things equal"
Give this one a try later!
In the development of a model, the assumption that all relevant factors
except the one under study remain unchanged
Give this one a try later!
A good for which a rise in income decreases the demand for the good.
List 4 of the 5 demand shifters.
, Give this one a try later!
Change in number of consumers, change in consumer incomes, change in
price of related goods, and change in the future price expectations.
Cross-price elasticity of demand
Give this one a try later!
A measure of the effect of the change in the price of one good on the
quantity demanded of the other good; it is equal to the percent change in
the quantity demanded of one good divided by the percent change in the
price of another good.
Consumer surplus
Give this one a try later!
A term often used to refer both to individual consumer surplus and to total
consumer surplus.
"Other things equal"
Give this one a try later!
In the development of a model, the assumption that all relevant factors
except the one under study remain unchanged
