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