Examlex
A consistent tendency to be shy is best described as a(n)
Quantity Effect
The change in total revenue resulting from a unit change in quantity sold, while holding price constant.
Price Effect
Describes how changes in prices impact the quantity supplied and demanded in a market.
Downward-Sloping Demand
A market condition reflected in a demand curve where the quantity demanded of a good decreases as the price of that good increases, and vice versa.
Total Surplus
The sum of consumer and producer surplus; a measure of the overall benefit to society from a market transaction.
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