Economics 115 Final Exam Questions and Answers 100% Solved | Rated A+
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Economics 115
Institution
Economics 115
Economics 115 Final Exam Questions
and Answers 100% Solved | Rated A+
opportunity cost - the value of the next best choice
law of demand - as the price of a good increases, consumers' demand
for that good should decrease
complement good - a good that is purchased and used in combination
with ...
supply curve - ✔✔the relationship between the quantity supplied of a good
and the good's price, holding all other factors constant
surplus - ✔✔the amount by which quantity supplied exceed quantity
demanded when market price is higher than the equilibrium price
shortage - ✔✔the amount by which quantity demanded exceeds quantity
supplied when market price is lower than the equilibrium price
price elasticity of demand - ✔✔the percentage change in quantity
demanded resulting from a 1% change in price
elastic - ✔✔a price elasticity with an absolute value greater than 1
inelastic - ✔✔a price elasticity with an absolute value less than 1
unit elastic - ✔✔a price elasticity with an absolute value of 1
perfectly inelastic - ✔✔price elasticity of 0 meaning there is no change in
quantity demanded or supplied for any change in price
perfectly elastic - ✔✔price elasticity of infinity meaning any change in price
leads to an infinite change in quantity demanded or supplied
normal good - ✔✔a good for which quantity demanded increases when
income rises
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