Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
demand curve quantity demanded consumer surplus total consumer surplus normal good inferior good substitutes complements supply curve quantity supplied producer surplus total producer surplus | A good for which demand increases when income increases. The quantity that buyers are willing and able to buy at a particular price The producer’s gain from exchange, or the difference between the market price and the minimum price at which a producer would be willing to sell a particular quantity. The consumer’s gain from exchange, or the difference between the maximum price a consumer is willing to pay for a certain quantity and the market price. The consumer’s gain from exchange, or the difference between the maximum price a consumer is willing to pay for a certain quantity and the market price. A good for which demand decreases when income increases. Two goods for which a decrease in the price of one leads to an increase in the demand for the other. A function that shows the quantity supplied at different prices. The producer’s gain from exchange, or the difference between the market price and the minimum price at which a producer would be willing to sell a particular quantity. Two goods for which a decrease in the price of one leads to a decrease in demand for the other. A function that shows the quantity demanded at different prices. The quantity that sellers are willing and able to sell at a particular price. |