EC - 012

What is one factor that will determine how much a customer is willing to pay for a good or service?

What exists when producers produce more than buyers are willing and able to buy?

After a mild, dry winter, the supply of sleds should be ________ than demanded. Therefore, the price would be _________.

Who gets the goods and services produced in our economy?

Some energy companies offer free electricity at night and on weekends because during these times

When supply is greater than demand, a __________ often develops.

Any factor that causes changes in supply and demand will cause changes in

What are the incentives in our economy that encourage producers to change and reallocate their resources?

How do producers answer the economic question of what to produce in a market economy?

Which of the following is a business comparing when it analyzes the cost of buying wood desks versus metal desks:

When demand is greater than supply, a __________ often develops.

Which is an example of a change in the relative price if red apples are 60¢ per lb and green apples are 80¢ per lb:

Excess demand and excess supply cause changes in

Prices set higher than the equilibrium price will result in

How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s

Excess demand is eliminated when the price reaches the point consumers are willing to buy _____ producers have to sell

To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce

A store sells T-shirts for $10. There is demand for $10 tshirts,all other factors remain the same, which is likely ?

What is the amount of money for which an item sells in the competitive marketplace?

How are prices used in our economy?

Which of the following is an example of the substitution effect:

What usually happens to the demand for a good or service when the price increases?

What do producers often do when supply is greater than demand?

What do consumers, producers, and resource owners need to have in order to make economic decisions?