Demand, Supply and Equilibrium
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| Law of Demand | show 🗑
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| diminishing marginal utility | show 🗑
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| consumer surplus | show 🗑
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| show | If the price of good A rises, (Qd falls) and demand for good B falls, the two goods are considered _________________.
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| show | If the price of good A rises, (Qd falls) and demand for good B rises, the two goods are considered _________________.
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| demand elasticity | show 🗑
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| show | an increase in price results in an increase in quantity supplied. There is a positive relationship between price and quantity.
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| show | adding more of one factor of production, while holding all others constant will at some point yield lower per-unit returns.
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| consumer maximization | show 🗑
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| show | where quantity demanded by consumers and quantity supplied by producers are equal.
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Created by:
doug.stan
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