Topic 3; Demand, Supply, and Prices

If elasticity is greater than 1, then demand is _____?

_____ allow consumers to pay more so they can buy a product when rationing makes it unavailable

what occurs if there is an excess in demand?

What is the desire to own something and the ability to pay for it?

_____ occurs when quantity supplied is not equal to quantity demanded in a market

a government payment that supports a business or market

a tax on the production or sale of a good

______ is the additional cost of producing one more unit

Who is great at teaching Economics?

"ceteris paribus" translates to?

exchanging one type of good or service for another

____ measures how firms will respond to changes in the price of a good or service?

the financial and opportunity costs that consumers pay in searching for a product or service

Supply becomes more _____ over time

a maximum price that can be legally charged for a good or service

The amount of a good or service that is available

Factors that lead to the shifting of demand up or down?

a ____ is a cost that does not change

Two goods that are bought and used together?

______ is total cost divided by the quantity produced

______ shows the quantities demanded

the change in output from hiring one more worker

when there is an excess supply, there is a ______

______ shows a relationship between price and quantity supplied for a good or service

what is a type of price floor?