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8 Cards in this Set
- Front
- Back
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DEMAND |
WHEN PRICE GOES DOWN QUANTITY GOES UP |
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WHAT EFFECTS THE DEMAND CURVE? |
SUBSTITUTES, COMPLIMENTS, INCOME AND PREFERENCE |
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SUPPLY |
WHEN PRICE GOES UP QUANTITY GOES UP |
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WHAT EFFECTS THE SUPPLY CURVE? |
PRICE, NUMBER OF PRODUCERS, TECHNOLOGY AND TAXES. |
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WHAT 5 CONDITIONS MAKE A MARKET PERFECTLY COMPETITIVE? |
INFINITE NUMBER OF BUYERS AND SELLERS, PERFECT HOMOGENOUS PRODUCT, FREE ENTRY EXIT COST, PERFECT INFORMATION. |
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ELASTICITY |
MEASURES HOW SENSITIVE QUANTITY DEMANDED IS TO CHANGIN IN PRICE. |
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MONOPOLY |
THE ONLY PROVIDER OF A GOOD WITH NO SUBITUTES. FRIM = PRICE MAKER |
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PRICE DISCRIMINATION |
SELLING A SPECIFIC PRODUCT FOR MORE THAN ONE PRICE. |
