Term
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Definition
| A measure of how consumers respond to price change. |
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Term
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Definition
| Describes the demand that isn't very sensitive to price change. |
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Definition
| Describes the demand that is very sensitive to price change. |
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Definition
| Describes the demand whose elasticity is equal to 1. |
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Term
| Marginal Product of Labor |
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Definition
| The change in output from adding labor. |
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Term
| Diminishing marginal returns |
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Definition
| Level of production when labor decreases but number of workers increases. |
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Term
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Definition
| The sum of fixed costs plus variable costs. |
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Term
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Definition
| The cost of producing one more unit of a good. |
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Definition
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Term
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Definition
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Term
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Definition
| Supply & Demand Graph with Price Equilibrium |
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Term
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Definition
| Elastic demand with inelastic supply |
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Term
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Definition
| Supply and demand surplus |
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Term
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Definition
| Supply and demand shortage |
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Term
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Definition
| Supply and demand with price disequilibrium |
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Definition
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