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Chapter 21 Matching
Supply Schedule
table showing quantities supplied to a change in price.
Subsidy
a government payment to an individual, business, or group in exchange for certain actions.
Price Ceiling
maximum price that can be charged for goods and services, set by the government.
Law of Demand
the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low.
Supply Elasticity
responsiveness of quantity supplied to a change in price.
Demand Schedule
table showing quantities demanded at different possible prices.
Demand Curve
downward-sloping line that graphically shows the quantities demanded at each possible price.
Supply
the amount of goods and services that producers are able and willing to sell at various prices during a specific time period.
Complement
product often used with another product.
Utility
the amount of satisfaction one gets from a good or service.
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