vocab quiz

a horizontal demand curve indicating that consumers can and will purchase all they want at one price

2 : the percentage change in the demand for a good divided by the percentage change in income, ceteris paribus

3 : goods for which the income elasticity of demand is positive

4 : a vertical demand curve indicating that there is no change in the quantity demanded as the price changes

5 : goods for which the income elasticity of demand is negative

6 : the percentage change in the demand for one good divided by the percentage change in the price of a related good, ceteris paribus

7 : the percentage change in quantity supplied divided by the percentage change in price, ceteris paribus

8 : a period of time long enough that the quantities of all resources can be varied

9 : the percentage change in the quantity demanded of a product divided by the percentage change in the price of that product

10 : a period of time short enough that the quantities of at least some of the resources cannot be varied

11 : charging different customers different prices for the same product