Across
- 3. The extent to which a change in price causes a change in the quantity demanded; demand elasticity has three cases: elastic, inelastic, or unit elastic
- 5. 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
- 6. additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product
- 7. the portion of a change in quantity demanded that is due to a change in the relative price of the good
- 8. decrease in additional satisfaction or usefulness as additional units of a product are acquired
- 11. case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
- 13. consumer demand for different amounts at every price, causing the demand curve to shift to the left or the right
- 16. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
- 17. rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded
- 18. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
- 20. 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
Down
- 1. movement along the demand curve showing that a different quantity is purchased in response to a change in price
- 2. elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
- 4. 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)
- 9. something that motivates
- 10. 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
- 12. that portion of a change in quantity demanded caused by a change in a consumer’s income when the price of a product changes
- 14. 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
- 15. listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
- 19. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment