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9 Cards in this Set
- Front
- Back
Elasticity |
measure of the responsiveness of buyers and sellers to changes in price or income |
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Price Elasticity of Demand |
a measure of the responsiveness of quantity demanded to a change in price |
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Immediate Run |
there is not time for consumers to adjust their behavior |
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Short Run |
a period of time when consumers can partially adjust their behavior |
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Long Run |
a period of time when consumers have time to fully adjust to market conditions |
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Total Revenue |
the amount that consumers pay and sellers receive for a good |
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Income Elasticity of Demand |
measures how a change in income affects spending |
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Cross-price Elasticity of Demand |
measures the responsiveness of the quantity demanded of one good to a change in the price of a related good |
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Price Elasticity of Supply |
a measure of the responsiveness of the quantity supplied to a change in price |