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DEMAND DECREASE: A decrease in the willingness and ability of buyers to buy a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand results in a decrease in equilibrium quantity and a decrease in equilibrium price.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 5 of 25

Topic: Relative Adjustments <=PAGE BACK | PAGE NEXT=>

  • The price elasticity of demand is the responsiveness of quantity demanded to changes in the demanded price.

  • In some cases, quantity demanded is very responsive to price changes, falling under the heading of elastic.

  • In other cases, quantity demanded is not very responsive to price changes, falling under the heading of inelastic.

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AVERAGE FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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