Term
| buyer's reservation price |
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Definition
| the highest price that a buyer is willing to pay for a given quantity of a good |
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Term
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Definition
| the difference between a buyer's reservation price and the market price |
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Term
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Definition
| the result of there being a difference between the buyer's reservation price and the seller's reservation price |
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Term
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Definition
| change in the amount buyers are willing and able to purchase at every price |
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Term
| change in quantity demanded |
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Definition
| the response of buyers to change the price of a good |
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Term
| change in quantity supplied |
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Definition
| movement along the supply curve |
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Term
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Definition
| a change in the amount sellers are willing and able to offer for sale at every price |
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Term
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Definition
| a pair of goods in which an increase in the price of one good will cause a decrease in the demand for the other good |
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Term
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Definition
| a graph that shows the quantity of a good that buyers wish to buy and are able to buy at each possible price holding everything other than price constant |
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Term
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Definition
| the concept of all markets producing the socially optimal quantity of a good |
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Term
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Definition
| a state of affairs where nothing will change unless it is disturbed by an outside force |
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Term
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Definition
| a price at which the quantity of a good that buyers wish to buy and are able to buy equals the quantity of a good that sellers wish to sell and are able to sell |
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Term
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Definition
| the name of a quantity at which the quantity of a good that buyers wish to buy and are able to buy equals the quantity of a good that sellers wish to sell and are able to sell |
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Term
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Definition
| a situation where the quantity demand exceeds the quantity supplied at a given price |
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Term
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Definition
| a situation where the quantity supplied exceeds the quantity demanded at a given price |
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Term
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Definition
| a decrease in the price of a good allows buyers to purchase a large quantity of that good with the same income |
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Term
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Definition
| a type of good where the amount buyers are willing and able to purchase at every price falls when buyer's income rises |
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Term
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Definition
| a group of buyers and sellers of a single good who interact through prices |
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Term
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Definition
| the condition of the market when the quantity of a good buyers wish to buy and are able to buy equals the quantity of a good that sellers wish to sell and are able to sell |
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Term
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Definition
| the type of good where the amount buyers are willing and able to purchase at every price rises when buyer's income rises |
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Term
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Definition
| a maximum price at which buyers and sellers can make exchanges legally |
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Term
| seller's reservation price |
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Definition
| the lowest price that the seller is willing to recieve for a given quantity of a good |
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Term
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Definition
| the difference between the market price and the seller's reservation price |
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Term
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Definition
| a quantity at which there is no difference between buyer's reservation price and sellers' reservation price |
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Term
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Definition
| a pair of goods in which an increase in the price of one good will cause an increase in the demand for the other good |
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Term
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Definition
| a decrease in the price of a good causes people to increase their purchase of the good and buy less of another good |
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Term
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Definition
| a graph that shows the quantity of a good that sellers wish to sell and are able to sell at each possible price holding everything other than price constant |
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Term
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Definition
| the difference between the buyer's reservation price and the seller's reservation price |
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