Supply, Demand, Markets and Prices

The more of a good an individual consumes per

period, other things constant, the smaller the

marginal utility of each additional unit consumed is called

• Demand

• Law of Demand

• Law of Diminishing Marginal Utility

• Law of Decreasing Returns

A relation showing the quantities of a good that

consumers are willing and able to buy per

period at various prices, other things constant is called

• Demand

• Law of Demand

• Law of Diminishing Marginal Utility

• Law of Decreasing Returns

Measures how responsive quantity demanded is

to a price change; the percent change in

quantity demanded divided by the percent

change in price

• Demand

• Law of Demand

• Elasticity of Demand

• Law of Decreasing Returns

The sum of the individual demands of all

consumers in the market

• Market Demand

• Aggregate Demand

• All encompassing Demand

• Demand

Price multiplied by the quantity demanded at

that price

• Market Revenue

• Aggregate Revenue

• All encompassing Revenue

• Total Revenue

A consumer’s likes and dislikes

• Desires

• Demands

• Tastes

• Tastebuds

A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant

• Supply

• Supplier

• Marginal Cost

• Marginal Supply

The quantity of a good supplied during a given time period is usually directly related to its price, other things constant

• Supply

• Supplier

• The Law of Supply

• Supply Demanded

A measure of the responsiveness of quantity supplied to a price change; the percent change in quantity supplied divided by the percent change in price

• Supply

• Supplier

• The Law of Supply

• Elasticity of Supply

Any production cost that changes as output changes

• Total Cost

• Average Cost

• Fixed Cost

• Variable Cost