WorksheetsManagerial Economics (Unit 2)
Total questions: 10
Worksheet time: 3mins
It measures the responsiveness of the demand for a good to the change in the price of a substitute good or a complement.
Point Elasticity
Arc Elasticity
Cross Elasticity
Nonprice Factors
The totality of a group of producers' supply.
Aggregate Demand
Aggregate Supply
Demand Schedule
Supply Schedule
This measures how the quantity demanded changes as consumer income changes.
Arc Elasticity
Cross Price Elasticity of Demand
Price Elasticity of Demand
Income Elasticity of Demand
A change in determinant will lead to a proportionately lesser change in demand or supply.
Inelastic
Elastic
Unitary Elastic
Surplus
Holding other factors constant.
Citeris Porebus
Citires Paribus
Cetires Parebus
Ceteris Paribus
As price increases, quantity demanded decreases, but as price decreases, quantity demanded decreases.
Law of Demand
Law of Supply
Ceteris Paribus
Demand Curve
It reflects the consumers' desire for commodity.
Supply Function
Demand Function
Supply
Demand
A change in the entire curve caused by a change in the entire demand or supply schedule.
Supply Curve
Movement Along the Curve
Shift of the Curve
Dancing Along the Curve
An excess of supply over the demand for a good.
Price Ceiling
Surplus
Price Floor
Equilibrium
A minimum limit beyond which the price of a commodity is not allowed to fall.
Price Floor
Price Ceiling
Surplus
Demand
