10.7 Key Terms
Key Terms
a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time.10.2 & 10.3
Physical aspects of the product, selling location, intangible aspects of the product, and perceptions of the product. Products that are distinctive in one of these four ways are called differentiated products.10.2 & 10.5
is the current price at which a good or service can be purchased or sold. 10.2
lies in between monopoly and perfect competition. It involves many firms competing against each other, but selling products that are distinctive in some way. 10.1
means the response to price is complete and infinite: a change in price results in the quantity falling to zero. 10.2
is based on variety and innovation. 10.5
