Examlex
A decrease in the price of pizza will shift the supply curve for pizza to the left.
Price Elasticity
An indicator of the variation in the amount of a product desired by consumers as its cost fluctuates.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Complementary Goods
Products or services that are typically consumed together, where the demand for one increases the demand for the other.
Inelastic
Describing demand that changes little with price fluctuations; consumers’ buying habits are not significantly affected by price changes.
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