Across
- 2. Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment.
- 6. The portion of a change in quantity demanded that is due to a change in the relative price of the good.
- 7. A measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable such as price.
- 9. Different amounts of a product are demanded at every price. causing the demand curve to shift left or right.
- 10. Rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded.
- 11. Products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both.
- 14. Branch of economic theory that deals with behavior and decision making by small units such as firms and individuals.
- 16. Additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product.
- 17. Competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other.
- 18. That portion of a change in quantity demanded caused by a change in a consumers income when the price of a product changes.
- 19. Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time.
Down
- 1. Movement along the demand curve showing that a different quantity is purchased in response to a change in price.
- 3. Decrease in additional satisfaction or usefulness as additional units of a product are acquired.
- 4. Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
- 5. The extent to which a change in the quantity demanded; demand elasticity has 3 cases: elastic, inelastic, unit elastic.
- 8. Type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied).
- 12. Elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied).
- 13. Case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportional change in the dependent variable (usually quantity demanded or supplied).
- 15. Something that motivates.
- 16. Demand curve that shows the quantities demanded by everyone who is willing and able to purchase a product at all possible prices at one moment in time.