| consumer surplus | The value you get that is in excel of what you pay to get it.
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| cost-price elasticity of demand | The responsiveness of quantity demanded of one good to a change in the price of another good.
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| deadweight loss | The loss in societal welfare associated with production being to little or too great.
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| elastic | The condition of demand when the percentage change in quantity is larger than the percentage change in price.
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| elasticity | The responsiveness of quantity to a change in another variable.
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| income elasticity of demand | The responsiveness of quantity demanded to a change in income.
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| inelastic | The condition of demand when the percentage change in quantity is smaller than the percentage change in price.
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| perfectly elastic | The condition of demand when price cannot change.
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| perfectly inelastic | The condition of demand when prices changes have no effect on quantity.
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| price elasticity of demand | The responsiveness of quantity demanded to a change in price.
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| price elasticity of supply | The responsiveness of quantity supplied to a change in price.
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| producer surplus | The money the firm gets that is in excess of its marginal costs.
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| total expenditure rule | If the price and the amount you spend both go in the same direction, then demand is inelastic, whereas if they go in opposite directions, demand is elastic.
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| unitary elastic | The condition of demand when the percentage change in quantity is equal to the percentage change in price.
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2003 McGraw-Hill Higher Education