Question
provide a definition of 20 of the terms below and also use in a sentence of at least fifteen words words to help define the
provide a definition of 20 of the terms below and also use in a sentence of at least fifteen words words to help define the specific term.
buyer's reservation price,
buyer's surplus,
cash on the table,
change in demand,
change in supply,
change in the quantity demanded,
change in the quantity supplied,
complements, demand curve,
efficiency(or economic efficiency),
equilibrium, equilibrium price and equilibrium quantity,
excess demand (or shortage),
excess supply (or surplus),
income effect,
inferior good,
market equilibrium,
normal good,
price ceiling,
seller's reservation price,
seller's surplus,
socially optimal quantity,
substitutes,
substitution effect,
supply curve,
total surplus
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