Across
- 4. goods that can be used as an alternative for a product (butter & margarine)
- 7. a % change in price results in smaller % change in quantity demanded
- 8. quantity demanded is greater than the quantity supplied at a given price
Down
- 1. total demand for a product
- 2. a % change in price results in greater % change in quantity demanded
- 3. movement along the supply curve to the left (lower price & lower quantity supplied)
- 5. a % change in price results in greater % change in quantity supplied
- 6. the responsiveness of quantity supplied or demanded in relation to changes in price/income/other products