Across
- 3. describes supply/demand that is not very sensitive to price changes.
- 6. a measure of how consumers respond to price changes.
- 8. a minimum price for a good or service.
- 10. the total amount of money a company receives by selling goods or services.
- 12. a maximum price that can legally be charged for a good or service.
- 14. a chart that lists how much of a good a supplier will offer at various prices.
- 16. any price or quantity not at equilibrium.
- 18. a measure of the way quantity supplied reacts to a change in price.
- 19. when quantity demanded is more than quantity supplied.
- 21. a Latin phrase that means "all things held under constraint."
Down
- 1. the inverse relationship between price and quantity demanded that states, "consumers will buy more of a good when its price is lower and less when its price is higher."
- 2. the point at which the demand for a product or service is equal to the supply of that product or service.
- 4. goods that are used in place of one another.
- 5. two goods that are bought and used together.
- 7. when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good.
- 9. the direct relationship between price and quantity supplied that states, "producers offer more of a good as its price increases and less as its price falls."
- 11. when quantity supplied is more than quantity demanded.
- 13. describes supply/demand that is very sensitive to a change in price.
- 15. a table that lists the quantity of a good a person will buy at various prices in a market.
- 17. the change in consumption that results when a price increase causes real income to decline.
- 19. the amount of goods available.
- 20. the desire to own something and the ability to pay for it.
