SUPPLY, DEMAND, AND ELASTICITY

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Across

1The supply curve shifts downward, to the right. (8,2,6)
5An undesirable result of a minimum wage policy. (12)
7The shape of a perfectly elastic demand curve. (10)
9An illegal situation where the seller charges a price in excess of the government-regulated price. (5,6)
11A minimum price that the government imposes on the market. (5,5)
12The principle that states that price and quantity demanded are inversely related. (3,2,6)
13The shape of a perfectly inelastic supply curve. (8)
16A situation that occurs when the price of a good is set above the market-clearing price. (7)
19Also called the market-clearing price. (11,5)
21The demand curve shifts downward, to the left. (8,2,6)
22The difference between the maximum amount that a consumer is willing to pay and the current market price. (8,7)
23An increase in consumer income will shift this line outward. (6,4)
24A government policy that aids the farmer by keeping the price of the farm product above the equilibrium price. (5,7)
25The smallest possible decrease in price causes an infinitely larger increase in quantity demanded. (9,7)

Down

2An upward-sloping line that relates price to quantity supplied. (6,5)
3The principle that states that price and quantity supplied are directly related. (3,2,6)
4Another word for consumer satisfaction. (7)
6A situation where the percentage change in quantity demanded is less than the percentage change in price. (5,9)
8A good that experiences an increase in demand when the price of another good increases. (10,4)
10A downward-sloping line that relates price to quantity demanded. (6,5)
14The price of a good expressed in terms of another good. (8,5)
15A situation that explains why, as incomes increase, consumers spend a smaller portion of their income on a good. (6,9)
17The quantity supplied by all sellers of the good. (6,6)
18Goods for which demand rises as income rises. (6,4)
20At the current price of the good, quantity demanded exceeds quantity supplied. (8)


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