Quiz 4 Flashcards
(6 cards)
1
Q
Demand
A
a combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
2
Q
Demand Schedule
A
listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.
3
Q
Diminishing Marginal Utility
A
decrease in additional satisfaction or usefulness as additional units of a product are acquired.
4
Q
Elasticity
A
a measure of responsiveness that tells us how a dependent variable.
5
Q
Law of Demand
A
rule stating that more will be demanded at lower prices and less at higher prices.
6
Q
Market Demand Curve
A
demand curve that shows the quantities demanded by everyone who is willing and able to purchase a product at all possible prices at one moment in time.
