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Ch. 4 - Demand

Across
Rule stating that more will be demanded at lower prices and less at higher prices
Something that motivates
Additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product
The portion of a change in quantity demanded that is due to a change in the relative price of a good
Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Type of elasticity in which a change in the independent variable results in a larger change in the dependent variable
Elasticity where a change in the independent variable generates a proportional change of the dependent variable
In the opposite way
Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
Products that increase the use of other products
Down
Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
The extent to which a change in price causes a change in the quantity demanded
Case of demand elasticity where the percentage change in the independent variable causes a less than proportionate change in the dependent variable
A measure of responsiveness that tells us how a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable such as price
Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
Competing products that can be used in place of one another
That portion of a change in quantity demanded caused by a change in a consumer's income when the price of a product changes
To predominate
Just enough to satisfy a requirement