Across
- 2. Referring to the situation in which a change in price either up or down leads to a relatively larger change in the quantity demand or the quantity supplied
- 5. A situation in which quantity demanded or quantity supplied change his little as price changes
- 7. effect: The pattern of behavior that occurs when consumers react to a change in price of the product by buying a substitute product that offers a better relative value
- 8. Products that are used together so the increase or decrease in demand for one will result in an increase or decrease in demand for the other
- 9. effect: A change in the amount of a good or service a consumer will buy because his or her income changes
- 10. demand curve: Relating to the situation in which the percentage change in price and quantity demanded are the same
- 12. schedule: A table that shows how much of a good or service an individual is willing and able to purchase at each price
- 14. good: goods that consumers demand less of when their incomes rise
- 15. curve: A graph that shows the demand schedule or how much of a good or service an individual is able to purchase at each price
- 16. of demand: States that when the price of a good or service goes down quantity demanded increases and when the prices go up quantity demand falls
Down
- 1. of demand: to describe how responsive consumers are to price changes in the marketplace
- 3. Products that can be used in place of other products to satisfy consumer wants
- 4. The desire to have a good and to be able to buy it
- 6. elastic: Relating to the situation in which the percentage change in price and quantity demanded are the same
- 8. paribus: “all other things being equal”
- 11. revenue: the amount of money a company receives for selling its products
- 13. good: goods that consumers demand more of when their incomes rise