100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Introduction to markets and market failure Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution $7.99   Add to cart

Exam (elaborations)

Introduction to markets and market failure Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

 4 views  0 purchase
  • Course
  • Institution

Introduction to markets and market failure Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

Preview 1 out of 2  pages

  • June 17, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
Introduction to markets and market
failure
complements - correct answer-two goods for which an increase in the price of one leads to a
decrease in the demand for the other

Consumer Surplus - correct answer-the difference between the highest price a consumer is
willing to pay for a good or service and the actual price the consumer pays

Contraction of demand - correct answer-when quantity demanded for a good falls because
its price rises; it is shown by a movement up the demand curve

contraction of supply - correct answer-movement along the supply curve to the left (lower
price & lower quantity supplied).

cross elasticity of demand - correct answer-A measure of the responsiveness of the demand
for a good to a change in the price of a substitute or complement when other things remain
the same.

demand - correct answer-the quantity of a good or service that consumers are willing and
able to buy at a given price

demand curve - correct answer-a graph showing how much of a good will be demanded by
consumers at any given price

excess demand - correct answer-when quantity demanded is more than quantity supplied

excess supply - correct answer-When price is set too high so supply is greater than demand

Extension of demand - correct answer-when quantity demanded for a good increases
because its price falls; it is shown by a movement down the demand curve

Extension of supply - correct answer-a movement along the supply curve to the right (higher
price & higher quantity supplied).

income elasticity of demand - correct answer-a measure of the responsiveness of the
quantity demanded to changes in income

Invisible hand - correct answer-describes the way in which resources are allocated in a
market economy to the advantage of everyone

law of demand - correct answer-a law that states there is an inverse relationship between
quantity demanded and the price of a good or service

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you


$7.99
  • (0)
  Add to cart