EPF 3

When there is a movement along a demand or supply curve for gasoline,  what is changing?

people improve knowledge & skills through education or experience, it is called an investment

The more ________ supply or demand, the less responsive producers are to price changes.

What change in pricepercake should the owner make if the # of cakes for sale= quantity demanded

A ______ sets the highest price that can be charged for a good or service.

Similar goods that compete for consumer purchases are called:

Price inelastic demand ususally does NOT exist for goods that are:

equilibrium price & quantity are revealed on a supply & demand graph where they ______.

A price _______ sets the lowest price at which one can buy a good or service.

One of the key signals for both buyers and sellers is a change in:

Which of these might best signal furniture makers to cut back production?

The price of gasoline has doubled. This has what affect on bus tickets?

If the price of apple pie decreases, the demand curve for ice cream (compliment) will: 

The law of demand states that people will buy more of a good or service at _________ prices.

ability to bring to market quantities of a good at different prices in a specific time is:

The the price of hamburgers increases the demand for hot dogs (substitute) will 

price increases 20%, the quantity demanded increases30% causing revenues to rise,the demand is:

The condition of not being able to have all the goods and services one wants is called: 

A ________________ occurs at any price above the equilibrium price.

price a seller can expect to receive for a product in a competitive market is called the __.

______ describes the degree to which buyers and sellers respond to price changes

Simular goods that compete for consumer purchases are called: 

The law of supply states that producers will ______the quantity supplied at higher prices

A _____ or ________ is the price of labor.

A ______occurs at any price where the quantity demanded is greater than the quantity supplied.

A robot many farmers used for picking peaches has been taken off the market, this will resultin

An excess in supply is commonly referred to as a ____________________.

The ___ price of a good/service is the price at which quantity supplied = quantity demanded.

Excess in supply can lead to a _____________________ in workers to produce additional supply.

Several new companies enter into the cell phone industry. This will result in 

A rising trend amoung celebrties is short hair. How does this affect business of hair salons?

 A shift in the supply curve is caused by a change in a determinant of supply.

Equilibrium price is the price at which

The law of demand states that people will buy less of a good or service at _________ prices.

ability to buy specific quantities of a good or service at different prices is called