A
When factors other than price cause supply to rise or fall.
Change In Supply
In a free market, demand and supply work together to determine ________.
prices
the amount of a good or service that producers are willing and able to sell.
Supply
Products or services that consumers view as similar or interchangeable, allowing one to replace the other.
Substitute Good
___________ occurs when the quantity demanded is no longer equal to the quantity supplied.
Disequilibrium
As prices increase, demand decreases.
Law Of Demand
Price _______ keep prices from going too low.
floors
The most common type of market structure.
Monopolistic competition
as the quantity of a good supplied increases, the price will also increase.
Law Of Supply
A market dominated by just a few firms that produce similar products.
Oligopoly
When factors other than price cause demand to rise or fall.
Change In Demand
The most imperfect form of competition.
Monopoly
When the quantity demanded equals the quantity supplied, prices are at a point known as market _________.
equilibrium
Demand for a _______________ increases/decreases along with the other. (ex: hamburgers & buns)
complementary good
Producers enter a market when they think there is a ________ to be made.
profit
the amount of a good or service that consumers are willing AND able to buy at a specific price.
Demand
Quantity supplied at a specific price exceeds the quantity demanded.
Surplus
The most competitive market structure.
Perfect Competition
Price _______ keep prices from going too high.
ceilings
Quantity demanded at a specific price exceeds the quantity supplied.
Shortage