Economics Ch. 6 Demand, Supply, Prices HMH

________ is way of allocating products using factors other than price

The vertical axis shows

Businesses want to offer more product at higher prices to earn more profit

In regards to equilibrium price and surplus a shortage is measured by horizontal distance between two curves

______ is the legal minimum price buyers may pay for a product

If supply at every price decreases supply curve shifts to

Horizontal axis shows

The _____ is the price at which quantity demanded and quantity supplied are the same

In price system, incentives move producers and consumers in which both act in ways consisten with own best interests

With increase in demand the demand curve shifts to the

_______ is where quantity demanded and quantity supplied are equal

With a decrease in demand at every price the demand curve shifts

_____ is an imbalance between quantity demanded and quantity supplied

Markets may have a shortage when

_____ result in lower prices that motivate consumers to buy

If supply increases the supply curve shifts to

If the price ceiling is below the equlibrium price

At a certain price, quantity demanded and quantity supplied are equal

______ is the illegal buying and selling of products

Interaction of consumers and producers equilibrium pricing is set

_________ signal whether it is a good time to enter or leave a market

Trial and error may be necessary for market to arrive at equilibrium

________ encourages people to take a certain action

If a market has a surplus

With surplus, prices tend to fall and producers cut back on production

In a market economy the forces of _______ and _____ work together to set a price that buyers and sellers find acceptable

In regards to equilibrium price if there is a surplus shortage shown about and below the point of equilibrium

________ is selling products at lower prices than others

When the demand curve and supply curve intersect it is the equilibrium price and supply

______ is the legal maximum price a seller may charge for a product

Customers are will to pay higher prices for any product

If set above equilibrium price for a job, employers may empoy fewer workers which equates to an increased in unemp.

________ interferes to keep some prices from going to high

Higher prices usually encourage consumers to buy substitutes which

_________least amount of employer may pay for one hour of work