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Where quantity demanded equals quantity supplied or no tendency to change?
This is called equilibrium.
A shift in the demand curve is called?
A change in quantity demanded
A change in price that results in a movement along the demand curve is called?
A change in quantity demanded
What is called when each change in price causes a relatively larger change in quantity demand?
Elastic
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Where quantity demanded equals quantity supplied or no tendency to change?
This is called equilibrium.
What is a symbol used to represent a quantity that can change called?
It is called a variable.
A shift in the demand curve is called?
A change in quantity demanded
What does the law of the conservation of momentum mean?
It means that there is a quantity called momentum; the total quantity of which doesn't change.
A symbol that is used to represent a quantity that can change?
It is called a variable.
A change in price that results in a movement along the demand curve is called?
A change in quantity demanded
What is called when each change in price causes a relatively larger change in quantity demand?
Elastic
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Why are variables used in expressions?
They take the place of an unknown quantity. They can change values, thus they are called variables, their quantity varies.
What is a percent of change?
change of any quantity divided by its original quantity
A change in quantity supplied is the result of what?
a change in quantity supplied is the result of
The sensitivity of the change in quantity consumed of one good to a change in the price of a related good is called?
Cross-price elasticity.
