Miscellaneous Quiz / APECON-Vocab3-4

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Can you name the APECON-Vocab3-4?

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DefinitionAnswer
A good for which demand decreases when income increases and demand increases when income decreases
A graph of supply showing the upward sloping relationship between price and quantity supplied
The quantity of a good that people are willing and able to buy at a given price during a specific time period.
Condition when quantity demanded is greater than quantity supplied
The quantity of a good that people are willing and able to buy at a given price during a specific time period.
Demand for which price elasticity is less than 1.
The situation in which quantity supplied is equal to quantity demanded
Demand for which the price elasticity is zero.
A good that is usually consumed or used together with another good.
Demand for which price elasticity is greater than 1.
A graph of demand showing the downward-sloping relationship between price and quantity demanded
The percentage change in quantity supplied divided by the percentage change in price
This measures the responsiveness of the demand of a good to the change in the income of the people demanding the good.
DefinitionAnswer
The tendency for the quantity supplied of a good in a market to increase as its price rises.
The price at which quantity supplied equals quantity demanded
A good that has many of the same characteristics as and can be used in place of another good.
A goverment price control that sets the minimum allowable price for a good.
A goverment law or regulation that sets any limit on the price that may be charged for a particular good.
This measures the responsiveness of the demand of one good to a change in price of a different good.
A good for which demand increases when income increases and demand decreases when income decreases
A goverment price control that sets the maximum allowable price for a good.
Condition when quantity supplied is greater than quantity demanded
The percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.
The tendency for the quantity demanded of a good in a market to decline as its price rises.
A method used to determine whether a good is price elastic or inelastic by the relative changes in Price (P) and Total Revenue (TR)

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