(See related pages)
Below are the key terms featured in this chapter. The textbook's full glossary is also available for online searching.
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| constant-cost industry | an industry that is not a major user of any single resource (See page(s) 62) |
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| cross-price elasticity | the responsiveness of a product's quantity demanded to a change in the price of another product (See page(s) 58) |
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| elastic demand | demand for which a percentage change in a product's price causes a larger percentage change in quantity demanded (See page(s) 51) |
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| elastic supply | supply for which a percentage change in a product's price causes a larger percentage change in quantity supplied (See page(s) 60) |
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| immediate run | the production period during which none of the resources required to make a product can be varied (See page(s) 61) |
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| income elasticity | the responsiveness of a product's quantity demanded to a change in average consumer income (See page(s) 58) |
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| increasing-cost industry | an industry that is a major user of at least one resource (See page(s) 62) |
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| inelastic demand | demand for which a percentage change in a product's price causes a smaller percentage change in quantity demanded (See page(s) 51) |
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| inelastic supply | supply for which a percentage change in a product's price causes a smaller percentage change in quantity supplied (See page(s) 60) |
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| long run | the production period during which all resources required to make a product can be varied, and businesses may either enter or leave the industry (See page(s) 61) |
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| perfectly elastic demand | demand for which a product's price remains constant regardless of quantity demanded (See page(s) 51) |
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| perfectly elastic supply | supply for which a product's price remains constant regardless of quantity supplied (See page(s) 62) |
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| perfectly inelastic demand | demand for which a product's quantity demanded remains constant regardless of price (See page(s) 52) |
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| perfectly inelastic supply | supply for which a product's quantity supplied remains constant regardless of price (See page(s) 61) |
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| price ceiling | a maximum price set below equilibrium (See page(s) 64) |
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| price elasticity of demand | the responsiveness of a product's quantity demanded to a change in its price (See page(s) 51) |
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| price elasticity of supply | the responsiveness of a product's quantity supplied to a change in price (See page(s) 60) |
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| price floor | a minimum price set above equilibrium (See page(s) 64) |
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| public good | a product whose benefits cannot be restricted to certain individuals (See page(s) 70) |
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| short run | the production period during which at least one of the resources required to make a product cannot be varied (See page(s) 61) |
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| spillover benefits | positive external effects of producing or consuming a product (See page(s) 69) |
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| spillover costs | negative external effects of producing or consuming a product (See page(s) 68) |
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| spillover effects | external effects of economic activity, which have an impact on outsiders who are not producing or consuming a product (See page(s) 68) |
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| total revenue | the total income earned from a product, calculated by multiplying the product's price by its quantity demanded (See page(s) 52) |
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| unit-elastic demand | demand for which a percentage change in price causes an equal change in quantity demanded (See page(s) 54) |