Microeconomics

4. a good whose demand decreases when consumer income rises.
7. A legal maximum price set below equilibrium, often creating a shortage.
10. a business recognized as a legal entity separate from its owners, usually providing limited liability and unlimited lifespan
11. Any arrangement that brings willing and able buyers and sellers together to exchange goods, services, or resources.
12. the quantities of a good or service consumers are willing and able to buy at different prices during a given period.

1. The amount of a good or service producers are willing and able to sell at a specific price.
2. goods that are typically used together
3. A business that hires factors of production and uses them to produce goods and services.
5. A market structure dominated by a few interdependent firms with significant barriers to entry.
6. A market structure with many firms, differentiated products, relatively easy entry, and some control over price.
8. The market condition in which quantity demanded equals quantity supplied.
9. Illegal buying and selling that may arise when price controls prevent legal markets from reaching equilibrium