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More cards in this set
Card 16
Front
PES is greater than 1 - a % change in price will cause a larger % change in supply
Back
Card 17
Front
PES is infinity - any fall in price will reduce supply to zero
Back
Card 18
Front
PES is between 0 and 1 - a % change in price will cause a smaller % change in supply
Back
Card 19
Front
PES is 0 - change in price has no effect on supply
Back
Card 20
Front
PES is 1 - a % in price will have an equal % change in supply
Back
Card 21
Front
state of a market when supply equals demand, the market clears
Back
Card 22
Front
all other things remaining equal
Back
Card 23
Front
large number of buyers and sellers, no single producer or consumer can influence price or allocation of resources, consumers act rationally
Back
Card 24
Front
incentive to firms, signalling device, ration scarce resources
Back
Card 25
Front
difference between what a consumer is willing to pay and what they actually pay
Back
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