Term
|
Definition
| the amount of a good or service that consumer would purchase at a particular price |
|
|
Term
|
Definition
| the quantity demanded of a good or service varies inversly with its price; the lower the price the larger the quantity demanded, and the higher the price the smaller the quantity demanded |
|
|
Term
|
Definition
| the effect of a change in the price of a good or service on the amount purchased that results from the consumer substituting a reletive less expensive alternative. |
|
|
Term
|
Definition
| the effect of a change in the price of a good or service on the amount purchased that results from a change in purchasing power of the comsumer's income due to the price change. |
|
|
