Micro Quiz

the area of economics that deals with behavior and decision making by small units

any goods for which demand increases when income increases, and falls when income decreases

if price does little to change the quantity demanded product is considered

when the quantity demanded decreases as the price increases

change when business rate of operation or output changes

can be used in the place of other products; replace a costly item with a less costly item

the cost that business have even if they are not producing

total money brought in by a business or company

related goods used together

if price changes quantity demanded then product is considered