|
|
BUYERS' MARKET: A disequilibrium condition in a competitive market that has a surplus, such that buyers are able to force the price down. Note that a buyers' market does not mean that a lack of competition among demanders have given buyers market control. A buyers' market is a competitive market that simply has a temporary imbalance between the quantity demanded by the buyers and the quantity supplied by the sellers. The buyers' market phrase is commonly used (mainly by real world noneconomist types) to describe a surplus in real estate or housing markets. It's also commonly used when describing assorted financial markets. You might want to examine the opposite of a buyers' market, which is a sellers' market. Additional information on the real estate market can be found in the entry on building cycle.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 12: Elasticity and Demand | Unit 5: Other Measures
|
Page: 23 of 25
|
|
Topic:
Income Elasticity Of Demand
|
|
|
- How responsive is my demand to this change in my income? To answer these questions, we need the income elasticity of demand.
- Income elasticity of demand is the relative response of demand to changes in income.
- Or stated in percentage terms: the income elasticity of demand is the percentage change in demand resulting from a percentage change in buyers' income.
- For a normal good, income elasticity is positive, meaning that an increase in income leads to an increase in demand.
- For an inferior good, income elasticity is negative, meaning that an increase in income leads to a decrease in demand.
|
|
|
|
|
|
|
AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
|
|
|
"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
|
|
OTC
Over the Counter
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
