A market structure with many sellers .

Costs that do not vary with output .

Suppliers are willing to put more on the market at a higher price than a lower price

Measures the responsiveness of quantity demand due to a change in the price of a good .

Goods and services that are essential for life

A market structure with a few sellers.

Cost that vary with output .

The amount of a good that consumers are willing and able to purchase at a particular price .

Quantity demand changes when there is no change in price

The next best alternative forgone

A market structure with no close substitutes.

The period of time when some factors of production are variable .

The point where the demand curve and the supply curve intersect

The responsiveness of quantity demanded of good A to a change in the price of good B

A graph showing the various combinations of two goods that an economy can produce with fixed resources

An exclusive right granted to a firm to use a product.

The period of time when all factors of production are variable .

It causes the demand curve to shift

Any supply curve that starts from the origin

The study of how man allocates scarce resources, which have alternative uses

A market structure with a homogenous product.

The additional cost to produce one extra unit of output .

Demand is greater than supply

Demand for the good decreases when income increases

All goods used to produce more goods.