Econ micro

5. excess demand
6. when a government increases tax on a product
8. things that are thought to be true but with no definite proof
11. excess supply
13. the amount of money a firm receives from selling goods
14. rivalry that exists between firms when trying to sell goods to the same group of customers
15. when one firm dominates a market

1. the amount of output that can be produced with a given amount of resources
2. the amount of goods and services consumers are willing to buy at a given price
3. required for survival
4. desired goods and services
5. money that is paid by a government to make prices lower
7. YED is less than 0
9. where total revenue is greater than total costs
10. a market that is dominated by a few large firms
12. the amount of goods and services producers are willing to offer for sale at different prices in a given period of time