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Microeconomics Supply and Demand

Microeconomics

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Microeconomics

Supply and Demand

25 Terms

1

Ppf

As goods increase opp cost increase

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2

Income

Positive relation demand

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3

Tastes

Positive relation demand

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4

Price of subisitute

Positive relation demand

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5

Price of expectation of buyers

Positive relation demand

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6

Price of complement

Negative relation of demand

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7

Resource cost

Negative relation for supply

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8

Technology

Positive relation for supply

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9

Price expectation of sellers

Negative relation for supply

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10

Relatively elastic

Greater than one, flatter

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11

Relatively inelastic

Less than 1 steeper

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12

Property of inelastic

Small q big p

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13

Property of elastic

Big q little p

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14

Lots of substitutes

Elastic

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15

Little substitutes

Inelastic

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16

very expensive

Elastic

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17

Long run

Elastic

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18

Short run

Inelastic

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19

Inexpensive

Inelastic

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20

Luxury

Greater than 1

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21

Necessity

Less than 1

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22

Complaint

Negative cross price

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23

Substitute

Positive cross price

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24

Taxes

The more inelastic one pays taxes

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25

L

L

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