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CR
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Substitutes:products that serve similar purposes.
Consumer surplus:the difference between the maximum price consumers are willing to pay and the price they actually pay
producer surplus:the difference between the minimum supply price and the actual sales price.
pricing system:a system that reflects the choices of literally millions of consumers, producers, and resource owners, is providing the direction.
suppliers:the existence of independent alternative ________ protects the consumer against a seller who seeks to charge prices substantially above the cost of production.
resource suppliers:the existence of alternative ________ protects the producer against a supplier who might otherwise be tempted to withhold a vital resource unless granted exorbitant compensation.
elastic supply:the _________ curve illustrates a supply curve that is relatively elastic and therefore the quantity supplied is highly responsive to a change in price.
inelastic supply:the ________ curve illustrates a supply curve that is relatively inelastic, one where the quantity supplies increases by only a small amount in response to a change in price.
elastic demand:the ________curve illustrates a demand curve that is relatively elastic and therefore the quantity demanded is highly responsive to a change in price.
inelastic demand:the ________ curve illustrates a demand curve that is relatively inelastic, one where the quantity demanded increases by only a small amount in response to a change in price.
Across:2. | the existence of alternative ________ protects the producer against a supplier who might otherwise be tempted to withhold a vital resource unless granted exorbitant compensation. | 4. | the existence of independent alternative ________ protects the consumer against a seller who seeks to charge prices substantially above the cost of production. | 5. | the ________ curve illustrates a supply curve that is relatively inelastic, one where the quantity supplies increases by only a small amount in response to a change in price. |
| 6. | the ________curve illustrates a demand curve that is relatively elastic and therefore the quantity demanded is highly responsive to a change in price. | 7. | the difference between the minimum supply price and the actual sales price. | 9. | the ________ curve illustrates a demand curve that is relatively inelastic, one where the quantity demanded increases by only a small amount in response to a change in price. |
| | Down:1. | products that serve similar purposes. | 3. | the difference between the maximum price consumers are willing to pay and the price they actually pay |
| 6. | the _________ curve illustrates a supply curve that is relatively elastic and therefore the quantity supplied is highly responsive to a change in price. | 8. | a system that reflects the choices of literally millions of consumers, producers, and resource owners, is providing the direction. |
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© 2012
PuzzleFast.com, Noncommercial Use Only
Across:2. | the existence of alternative ________ protects the producer against a supplier who might otherwise be tempted to withhold a vital resource unless granted exorbitant compensation. | 4. | the existence of independent alternative ________ protects the consumer against a seller who seeks to charge prices substantially above the cost of production. | 5. | the ________ curve illustrates a supply curve that is relatively inelastic, one where the quantity supplies increases by only a small amount in response to a change in price. |
| 6. | the ________curve illustrates a demand curve that is relatively elastic and therefore the quantity demanded is highly responsive to a change in price. | 7. | the difference between the minimum supply price and the actual sales price. | 9. | the ________ curve illustrates a demand curve that is relatively inelastic, one where the quantity demanded increases by only a small amount in response to a change in price. |
| | Down:1. | products that serve similar purposes. | 3. | the difference between the maximum price consumers are willing to pay and the price they actually pay |
| 6. | the _________ curve illustrates a supply curve that is relatively elastic and therefore the quantity supplied is highly responsive to a change in price. | 8. | a system that reflects the choices of literally millions of consumers, producers, and resource owners, is providing the direction. |
| |
© 2012
PuzzleFast.com, Noncommercial Use Only