Across
- 8. when demand is greater than supply
- 10. equilibrium price
- 11. the minimum price producers are willing and able to receive for a product
- 12. the amount of satisfaction a good or service will provide a customer
- 14. when changes in relative prices cause buyers to replace the purpose of one product with another
- 15. the maximum price that buyers are willing to pay for a product
Down
- 1. a function of relative prices that encourages producers to change and reallocate their resources
- 2. the best time for consumers to buy
- 3. government restrictions on the minimum and maximum prices of certain products
- 4. data concerning a products value and cost
- 5. the ratio between two prices
- 6. actual price that prevails in a market
- 7. when supply is greater than demand
- 9. the quantity of a god or service
- 13. the best time for producers to sell
- 16. determining how scarce resources will be distributed