Supply, demand and prices

government payment that supports a business or market

New technology has cut the cost of making MP3 players. What will happen?

The total amount of money a company receives by selling goods or services?

a market for selling goods illegally

the costs consumers pay to find a good or service

What state does a free market move toward naturally?

chart that lists how much of a good a supplier will offer at various prices

What is the price ceiling used to control the price of some housing in some cities called?

Concept that consumers will buy more goods when the price is low and less at a higher price

Which of the following causes excess demand?

cost that rises or falls depending on the quantity produced

good that consumers demand less of when their incomes increase

sum of fixed costs plus variable costs

Fixed costs would include

The price of home computers rises. According to the law of supply, manufacturers will

when the marginal product of labor decreases as the number of workers increases

two goods that are bought and used together

additional income from selling one more unit of a good; sometimes equal to price

goods that are used in place of one another

A measure of how consumers respond to price changes.

graph of the quantity supplied of a good at various prices

when the supply is greater than the demand

increased production cost will cause companies to produce

increases in technology tend to push the supply curve

Your demand for a good is inelastic if you consider the good to be

Table listing the quantity of good that all consumers will buy at various prices

additional cost from producing one more unit of a good