U2.3 Microeconomics - Custom Scholars
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U2.3 Microeconomics

question
Rebate
answer
a partial refund of the original price of the product.
question
Market Equilibrium
answer
a situation in which prices are relatively stable, and the quantity of goods or services supplied is equal to the quantity demanded.
question
Supply Schedule
answer
a chart of the various quantities of a particular product supplied at all quantities of a possible prices in the market.
question
Price
answer
the monetary value of a product as established by supply and demand.
question
Unit Elastic Demand
answer
When a given change in price causes a proportional change in quantity demanded.
question
Supply Curve
answer
A graph showing the various quantities supplied at each and every price that might prevail in the market.
question
Law of Supply
answer
the principle that suppliers will normally offer more for sale at high prices and less at lower prices.
question
Rationing
answer
a system under which an agency such as government decides everyone's 'fair' share.
question
Change in Supply
answer
a situation where suppliers offer different amounts of products for sale at all possible prices in the market.
question
Change in Quantity Supplied
answer
the change in amount offered for sale in response to a change in price.
1 of 10
question
Rebate
answer
a partial refund of the original price of the product.
question
Market Equilibrium
answer
a situation in which prices are relatively stable, and the quantity of goods or services supplied is equal to the quantity demanded.
question
Supply Schedule
answer
a chart of the various quantities of a particular product supplied at all quantities of a possible prices in the market.
question
Price
answer
the monetary value of a product as established by supply and demand.
question
Unit Elastic Demand
answer
When a given change in price causes a proportional change in quantity demanded.
question
Supply Curve
answer
A graph showing the various quantities supplied at each and every price that might prevail in the market.
question
Law of Supply
answer
the principle that suppliers will normally offer more for sale at high prices and less at lower prices.
question
Rationing
answer
a system under which an agency such as government decides everyone's 'fair' share.
question
Change in Supply
answer
a situation where suppliers offer different amounts of products for sale at all possible prices in the market.
question
Change in Quantity Supplied
answer
the change in amount offered for sale in response to a change in price.
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