Economics supply and demand

Suppliers often reduce prices because they

According to the law of supply, when prices increases, 

An actress starts a craze for wearing camouflage. What factor is affecting demand?

manufacturers who use robots to do certain jobs are trying to increase supply by

The United States instituted rationing during

Supply can be changed by

The change in the amount consumers will buy because they can buy a different product instead

If quantity demanded does not change significantly when price changes, how is demand described?

When there is a shortage, producers raise prices in an attempt to

What two factors are necessary for demand?

Lower prices generally

What term is defined as goods that consumers demand more of when their incomes rise?

Which concept is defined as the measure of how responsive consumers are to price change?

The price system helps to allocate resources efficiently because prices will adjust until

In the price system of a market economy,prices are determined by

The point of equilibrium is when

The maximum amount that sellers may charge for a good or service is called a

factory closes, workers fired, and consumer spending falls.  What factor is affecting demand?

The additional expense of producing one more unit of a product is called

Companies engage in competitive pricing to

A market demand curve shows how much

Higher prices generally