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Matching Quiz
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Match the terms on the left with the definition in the column on the right




Match:
1


elasticity

2


price elasticity of demand

3


consumer surplus

4


price elasticity of supply

5


producer surplus

6


arbitrage

A)the increase in the economic well-being of producers who are able to sell the product at a market price higher than the lowest price that would have drawn out their supply.
B)the percent change in quantity demanded resulting from a 1% increase in price.
C)buying something in one market and reselling the same thing in another market to profit from a price difference
D)the percent change in one variable resulting from a 1% change in another variable.
E)the increase in the economic well-being of consumers who are able to buy the product at a market price lower than the highest price that they are willing and able to pay for the product.
F)the percent increase in quantity supplied resulting from a 1% increase in market price.







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