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Vocabulary Review Week 4 A good consumers purchase less of as their income increases. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good A good or service purchased as a replacement for another good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good Temporary condition where the quantity supplied of a good exceeds the quantity demanded. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good A sensitivity to a change in prices for a good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good A lack of sensitivity to a change in prices for a good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good A good or service purchased to use with another good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good Minimum price legally allowed to charge for a good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good Maximum price legally allowed to charge for a good or service. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good A good consumers purchase more of as their income increases. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good Temporary condition where the quantity demanded of a good exceeds the quantity supplied. Price ceiling Price floor Shortage Surplus Elastic demand Inelastic demand Complementary good Substitute good Normal good Inferior good
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