Supply and Demand

"As price goes up, supply goes up" This is known as:

The lowest wage an employer can pay is minimum wage. This is an example of

A good for which demand decreases as wages/income increases.

The willingness and ability of sellers to produce and offer goods at different prices

The US limits sugar imports into the country to 3 billion pounds per year. This is a:

Any place where people come to buy or sell goods

The willingness and ability of buyers to purchase goods

The NFL team salary cap is $155 million. This is an example of a:

When additional units cannot be produced, supply curves can be

Definition: As a result of changed conditions, goods may that replace each other in use.

"When the price goes down, demand goes up." This is known as

The point where quantity demanded equals quantity supplied

When quantity supplied exceeds quantity demanded

A good that is consumed jointly with other goods

Which of the following are considered substitutes?

When the percentage change in quantity supplied is less than the percentage change in price

Last year the Alaska Permanent Fund gave AK citizens $1200, for residing there. This is a:

The body of knowledge and skills concerning the use of resources in production

When quantity demanded exceeds quantity supplied