Economics Unit 2 Vocabulary

Question 1

The decrease in satisfaction as more are acquired.

Accepted Answer

diminishing marginal utility

Question 2

Maximum legal price as for rent on certain apartments in New York

Accepted Answer

Price Ceiling

Question 3

percentage change of price is the same as the percentage change in supply/demand

Accepted Answer

unit elastic

Question 4

measure of responsiveness when there is a change in price

Accepted Answer

elasticity

Question 5

electronic business or exchange over the internet

Accepted Answer

E-Commerce

Question 6

Where supply and demand intersect and both producer and consumer are happy.

Accepted Answer

market equilibrium

Question 7

Increase in the demand of one product will lead to the increase demand of the other product

Accepted Answer

complements

Question 8

lowest legal price as in the minimum wage

Accepted Answer

Price Floor

Question 9

competing products where a change in price of one will cause people to buy the other

Accepted Answer

substitutes

Question 10

Market with only a few large sellers

Accepted Answer

Oligopoly

Question 11

Satisfaction gained by acquiring one more unit of a product

Accepted Answer

marginal utility

Questions 11