| A | B |
|---|
| PED | responsiveness to changes in price |
| YED | consumers change behavior when income goes up |
| XED | cross-elasticity |
| complements | coffee and cream |
| substitutes | Xbox and Playstation 3 |
| price ceiling | price set below equilibrium |
| price floor | price set above equilibrium |
| happens when price is set too high | surplus |
| happens when price is set too low | shortage |
