Demand, Supply and Prices

The ___ states the more a good or service is consumed the less satisfaction is derived.

The ___ states the more effort or labor put into production eventually results in lower output

In the long run, Low Price =

In a free market economy, prices always tend to move toward ______.

______ goods are higher priced goods, but claim to be superior in quality.

The Law of ______ states the lower the price lesser quantity will be produced.

An ______ good experiences little change in demand based on price like gas, food, electric.

The Law of ______ states demand goes up with low prices and down with high prices.

_______ is the point where demand and supply meet on a supply and demand graph.

In the long run, High Price =

What is Profit?

The Law of ______ states high demand drives up prices while low demand lowers prices

Which of the following is NOT a reason for change in Equilibrium?

Price ceilings cause _____ because the maximum price is lower than equilibrium.

______ goods or services easily work well with each other.

______ goods or services easily replace each other.

_____ measures how much our demand for a good changes with price increases or decreases.

______ is the desire to own something and the ability to pay for it.

A ______ is a government-created minimum price higher equilibrium.

______ goods are lower priced goods, but may be inferior in quality.

Price floors cause _____ because the minimum price is higher than equilibrium.

________ is the quantity of goods and services available.

The Law of _______ states the higher the price, the larger quantity will be produced.

What is a non- price factor?

High Demand =

A ______ is a government created maximum price lower than equilibrium.

An ______ good experiences extreme changes in demand based on price like $1 helicopters.