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Glossary
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| Chapter 4
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| ceteris paribus
| a Latin phrase, translated as ?other things being equal', used as a reminder that all variables other than the ones being studied are assumed to be constant
| competitive market
| a market in which there are many buyers and many sellers so that each has a negligible impact on the market price
| complements
| two goods for which a decrease in the price of one good leads to an increase in the demand for the other good
| demand curve
| a graph of the relationship between the price of a good and the quantity demanded
| demand schedule
| a table that shows the relationship between the price of a good and the quantity demanded
| equilibrium
| a situation in which supply and demand have been brought into balance
| equilibrium price
| the price that balances supply and demand
| equilibrium quantity
| the quantity supplied and the quantity demanded when the price has adjusted to balance supply and demand
| inferior good
| a good for which, other things being equal, an increase in income leads to a decrease in quantity demanded
| law of demand
| the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
| law of supply
| the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises
| law of supply and demand
| the claim that the price of any good adjusts to bring the supply and demand for that good into balance
| market
| a group of buyers and sellers of a particular good or service
| normal good
| a good for which, other things being equal, an increase in income leads to an increase in quantity demanded
| quantity demanded
| the amount of a good that buyers are willing and able to purchase
| quantity supplied
| the amount of a good that sellers are willing and able to sell
| shortage
| a situation in which quantity demanded is greater than quantity supplied
| substitutes
| two goods for which a decrease in the price of one good leads to a decrease in the demand for the other good
| supply curve
| a graph of the relationship between the price of a good and the quantity supplied
| supply schedule
| a table that shows the relationship between the price of a good and the quantity supplied
| surplus
| a situation in which quantity supplied is greater than quantity demanded
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What is the table that shows the relationship between price of good and quantity supply?
A supply schedule is a table that shows the quantity supplied at each price. A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.
Is a table that shows the relationship between the price of a product and the quantity of the product demanded and A?
A demand schedule is a table that shows the quantity demanded at different prices in the market. A demand curve shows the relationship between quantity demanded and price in a given market on a graph. The law of demand states that a higher price typically leads to a lower quantity demanded.
What is the relationship between the price and the quantity that the seller is willing to sell?
If the price of a good falls, the quantity demanded of that good increases. The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same. Demand is a list of quantities at different prices and is illustrated by the demand curve.
What is a table listing the amount of a product a person is willing to purchase at each given price?
Demand Schedule. A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices.