ECO-101 Quiz Key Vocabulary

Flashcards based on ECO-101 quiz questions covering market demand, input production costs, cross-price behavior, and supply and demand tables.

Decrease in Market Buyers

An event where the number of buyers in a market decreases, causing market demand to decrease.

Rise in Input Production Cost

An increase in the cost of producing an input (such as steamed milk for lattés), which causes the equilibrium price to increase and the equilibrium quantity to decrease.

Cross-Price Effect (Snickers and Skittles)

An effect where Aneesha buys fewer Snickers at $0.60$ per candy bar after the price of Skittles falls to $0.50$ per bag.

Table 4-6 Data at Price $5$

At a price of $5$ dollars per unit, the quantity demanded is $20$ units and the quantity supplied is $60$ units.

Table 4-6 Data at Price $4$

At a price of $4$ dollars per unit, the quantity demanded is $30$ units and the quantity supplied is $50$ units.