Across
1 | | The supply curve shifts downward,
to the right. (8,2,6) |
5 | | An undesirable result of a minimum
wage policy. (12) |
7 | | The shape of a perfectly elastic
demand curve. (10) |
9 | | An illegal situation where the
seller charges a price in excess
of the government-regulated price. (5,6) |
11 | | A minimum price that the
government imposes on the market. (5,5) |
12 | | The principle that states that
price and quantity demanded are
inversely related. (3,2,6) |
13 | | The shape of a perfectly inelastic
supply curve. (8) |
16 | | A situation that occurs when the
price of a good is set above the
market-clearing price. (7) |
19 | | Also called the market-clearing
price. (11,5) |
21 | | The demand curve shifts downward,
to the left. (8,2,6) |
22 | | The difference between the maximum
amount that a consumer is willing
to pay and the current market price. (8,7) |
23 | | An increase in consumer income
will shift this line outward. (6,4) |
24 | | A government policy that aids the
farmer by keeping the price of the
farm product above the equilibrium
price. (5,7) |
25 | | The smallest possible decrease in
price causes an infinitely larger
increase in quantity demanded. (9,7) |
|
Down
2 | | An upward-sloping line that
relates price to quantity supplied. (6,5) |
3 | | The principle that states that
price and quantity supplied are
directly related. (3,2,6) |
4 | | Another word for consumer
satisfaction. (7) |
6 | | A situation where the percentage change in quantity demanded is less than the percentage change in
price. (5,9) |
8 | | A good that experiences an
increase in demand when the price
of another good increases. (10,4) |
10 | | A downward-sloping line that
relates price to quantity demanded. (6,5) |
14 | | The price of a good expressed in
terms of another good. (8,5) |
15 | | A situation that explains why, as
incomes increase, consumers spend
a smaller portion of their income
on a good. (6,9) |
17 | | The quantity supplied by all
sellers of the good. (6,6) |
18 | | Goods for which demand rises as
income rises. (6,4) |
20 | | At the current price of the good,
quantity demanded exceeds quantity
supplied. (8) |
|