is the quantity of good or service that consumers demand depends on price and other factors such as consumer incomes and the prices of related goods.

Government policy may also affect the equilibrium by

Which is not the effects of Government interventions?

Price elasticity of demand (demand elasticity) is the percentage change in quantity demanded, Q divided by the

Prediction about the future are often referred to as

the set of numerical values that reflect the relative ranking of bundles of goods or the satisfaction one gets from consuming a good or services is

A firm uses a production process to transform inputs or factors of production into outputs. Most input can be group into three broad categories. Which variable category is not included?

If a firm keeps increasing an input, holding all other inputs and technology constant, the corresponding increases in output will eventually become smaller (diminish). This law also determines the shape of the marginal product of labor curves.

is the value of the best alternative use of the resource.