Chapter 1-3 Quiz Flashcards Preview

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Flashcards in Chapter 1-3 Quiz Deck (5)
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1
Q

Ceterius paribus

A

The assumption that taste, income of consumers, other goods availability, expectations for the above, and number of buyers do not change

2
Q

Formula for slope

A

Slope = Y2-Y1
———
X2-X1

3
Q

Slope is:

A

The relation ship between changes in x and y variable

4
Q

What does it mean to be inversely affected

A

The contrary relationship between two variables such that they move in opposite directions

5
Q

What does it mean to be positively affected

A

Upward slope, both variables are