match the word to the definition

	Price elasticity of supply
	Total variablecosts
	Priceelasticityofdemand
	Elastic demand
	Marginal utility
	Inelastic demand
	Marginalproduct
	Factors of production
	Necessity
	Averageproduct
	Price floor
	Law of diminishing marginal utility
	Income elasticity of demand
	Price ceiling
	Shortrun

1.	Percent change quantity demanded divided by percent change price is greater than the absolute value of -1 (%QD/ %P > |-1|).
2.	The percentage change in quantity demanded of a good or service divided by the percentage change in income (%QD/ %I).
3.	Percent change quantity demanded divided by percent change price is less than the absolute value of -1 (%QD/ %P < |-1|).
4.	A good or service that is viewed by consumers as a high priority.
5.	The legal maximum price for which a good or service can be sold. Examples include laws limiting apartment rents in some cities.
6.	The percentage change in quantity demanded of a good or service divided by the percentage change in price (%QD/%P).
7.	The percentage change in quantity supplied of a good or service divided by the percentage change in price (%QS/%P).
8.	The legal minimum price at which a good or service can be sold.
9.	As a consumer purchases more of a good in a specific time period, the additional satisfaction enjoyed from the additional unit of the good will get smaller.
10.	The change in total utility or satisfaction resulting from consuming one more unit of a good or service.
11.	The total product divided by the number of units of a particular input used.
12.	Land, labor, and capital
13.	The change in output as a result of a change in the use of an input while all other inputs are constant (TP/L).
14.	A time period in which at least one input cannot be changed.
15.	For a given level of output, the costs (prices multiplied by the amounts of inputs) of the inputs that can be changed.