Karleigh Rouse- 2.02E Vocabulary

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Across
  1. 8. when demand is greater than supply
  2. 10. equilibrium price
  3. 11. the minimum price producers are willing and able to receive for a product
  4. 12. the amount of satisfaction a good or service will provide a customer
  5. 14. when changes in relative prices cause buyers to replace the purpose of one product with another
  6. 15. the maximum price that buyers are willing to pay for a product
Down
  1. 1. a function of relative prices that encourages producers to change and reallocate their resources
  2. 2. the best time for consumers to buy
  3. 3. government restrictions on the minimum and maximum prices of certain products
  4. 4. data concerning a products value and cost
  5. 5. the ratio between two prices
  6. 6. actual price that prevails in a market
  7. 7. when supply is greater than demand
  8. 9. the quantity of a god or service
  9. 13. the best time for producers to sell
  10. 16. determining how scarce resources will be distributed