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price floor: government mandated minimum.
tie in sale: one good can be purchased if another good is purchased.
price ceiling: government mandated maximum.
demand or supply equation: q = 1300 + 10p
total surplus: sum of consumers' surplus and producers' surplus.
consumer surplus: difference between the maximum buying price and the price paid by the buyer.
producer surplus: difference between the price received by the producer or seller and the minimum selling price.
surplus: quantity supplied greater than quantity demanded.
shortage: quantity demanded greater than quantity supplied.
equilibrium: quantity demanded equals quantity supplied.
disequilibrium: a surplus or shortage in the market.
subsidy: payment by the government to a producer.
equilibrium price: price at which quantity demanded equals quantity supplied.
equilibrium quantity: quantity that responds to equilibrium price.
supply curve shift: prices of resources, technology, prices of other goods, number of sellers, future prices, taxes, government restrictions.
complements: two goods jointly used in consumption.
substitutes: two goods that satisfy similar needs.
neutral good: a demand for which the good does not change in relation to income.
normal good: income rises, demand for good rises.
inferior good: income rises, demand for good falls.
absolute price: price of good in terms of money.
relative price: price of good in terms of another good.
law of diminishing marginal utility: satisfaction gained by consuming equal successive goods decline as amount consumed increases.
law of demand: price rises and demand falls, visa versa.
ceteris paribus: all things stay the same.
Across:3. | quantity that responds to equilibrium price. | 4. | price of good in terms of money. | 6. | sum of consumers' surplus and producers' surplus. | 8. | two goods jointly used in consumption. | 9. | a demand for which the good does not change in relation to income. | 11. | quantity supplied greater than quantity demanded. | 13. | price at which quantity demanded equals quantity supplied. | 14. | government mandated minimum. | 15. | one good can be purchased if another good is purchased. | 16. | payment by the government to a producer. | 18. | income rises, demand for good falls. | 19. | difference between the maximum buying price and the price paid by the buyer. | 20. | price rises and demand falls, visa versa. | 21. | difference between the price received by the producer or seller and the minimum selling price. |
| | Down:1. | all things stay the same. | 2. | a surplus or shortage in the market. | 5. | income rises, demand for good rises. | 7. | government mandated maximum. | 10. | price of good in terms of another good. | 12. | two goods that satisfy similar needs. | 13. | quantity demanded equals quantity supplied. | 17. | quantity demanded greater than quantity supplied. |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Across:3. | quantity that responds to equilibrium price. | 4. | price of good in terms of money. | 6. | sum of consumers' surplus and producers' surplus. | 8. | two goods jointly used in consumption. | 9. | a demand for which the good does not change in relation to income. | 11. | quantity supplied greater than quantity demanded. | 13. | price at which quantity demanded equals quantity supplied. | 14. | government mandated minimum. | 15. | one good can be purchased if another good is purchased. | 16. | payment by the government to a producer. | 18. | income rises, demand for good falls. | 19. | difference between the maximum buying price and the price paid by the buyer. | 20. | price rises and demand falls, visa versa. | 21. | difference between the price received by the producer or seller and the minimum selling price. |
| | Down:1. | all things stay the same. | 2. | a surplus or shortage in the market. | 5. | income rises, demand for good rises. | 7. | government mandated maximum. | 10. | price of good in terms of another good. | 12. | two goods that satisfy similar needs. | 13. | quantity demanded equals quantity supplied. | 17. | quantity demanded greater than quantity supplied. |
| |
© 2013
PuzzleFast.com, Noncommercial Use Only