Across
- 1. A table that shows a range of prices for a certain good or service and the quantity demanded at each price
- 2. The total number of units of a good or service producers are willing to sell at a given price
- 4. The extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
- 6. The relationship between price and the quantity demanded of a certain good or service
- 8. See Social Surplus [1]
- 15. Goods that are often used together so that consumption of one good tends to enhance consumption of the other
- 17. The resources such as labor, materials, and machinery that are used to produce goods and services; also called inputs
- 19. A good that can replace another to some extent, so that greater consumption of one good can mean less of the other
- 23. The price where quantity demanded is equal to quantity supplied
- 27. Government laws to regulate prices instead of letting market forces determine prices
- 30. The common relationship that a higher price leads to a greater quantity supplied and a lower price leads to a lower quantity supplied, while all other variables are held constant
- 31. At the existing price, quantity supplied exceeds the quantity demanded; also called a surplus
- 32. The situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
- 33. See Social Surplus [2]
- 34. A table that shows a range of prices for a good or service and the quantity supplied at each price
Down
- 1. The loss in social surplus that occurs when a market produces an inefficient quantity
- 3. What a buyer pays for a unit of the specific good or service
- 5. Other things being equal
- 7. A good in which the quantity demanded falls as income rises, and in which quantity demanded rises and income falls
- 8. At the existing price, the quantity demanded exceeds the quantity supplied; also called a shortage
- 9. The sum of consumer surplus and producer surplus
- 10. A graphic representation of the relationship between price and quantity demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical axis
- 11. The relationship between price and the quantity supplied of a certain good or service
- 12. A legal maximum price
- 13. The extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
- 14. A line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis
- 16. At the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
- 18. A legal minimum price
- 20. The quantity at which quantity demanded and quantity supplied are equal for a certain price level
- 21. The total number of units of a good or service consumers are willing to purchase at a given price
- 22. When a change in some economic factor (other than price) causes a different quantity to be supplied at every price
- 24. The common relationship that a higher price leads to a lower quantity demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all other variables are held constant
- 25. At the existing price, quantity supplied exceeds the quantity demanded; also called excess supply
- 26. When a change in some economic factor (other than price) causes a different quantity to be demanded at every price
- 28. The resources such as labor, materials, and machinery that are used to produce goods and services; also called factors of production
- 29. A good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls