Term
| describes how much a change in price affects the quantity demanded. |
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Definition
| price elasticity of demand |
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Term
| something used in place of a particular product. |
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Definition
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Term
| people want to buy more of a product when its price falls. |
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Definition
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Term
| the quantities of something a person is willing and able to buy at different possible prices. |
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Definition
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Term
| the point reached when the next item consumed is less satisying than the one before. |
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Definition
| diminishing marginal utility |
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Term
| items that people typically use together, such as peanut butter and jelly. |
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Definition
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Term
| people want to buy less of a product at all possible prices. |
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Definition
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Term
| the sum of all individuals demands in agiven market |
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Definition
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Term
| which of the following best describes the way economists view peoples gasoline purchase |
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Definition
| there are no substitutes for gasoline |
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Term
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Definition
| depends on the price he must pay |
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Term
| if the price of tacos rises from $.50 to $1.50, |
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Definition
| jami's demand for tacos is elastic |
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Term
| the demand for a good is elastic when |
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Definition
| the demand curve shifts to the right |
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Term
| which of the following is likely to increase the demand for peanut butter? |
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Definition
| a report from the surgeon general of the united states that eating peanut butter makes people nutty. |
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Term
| which of the following items is likely to have the most inelastic demand? |
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Definition
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Term
| if the price of water increases, |
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Definition
| the demand for water-saving shower heads will shift to the right |
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Term
| waste disposal companies begin charging households more for each can of garbage they collect. which of the following is least likely to happen as a result? |
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Definition
| the amount of household waste remains the same |
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