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Chapter 21 Quiz

Select the Definition that corresponds to the displayed Term.
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1. Shortage




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2. Technology




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3. Subsidy




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4. Supply Elasticity




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5. Price Ceiling




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6. Substitute




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7. Profit




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8. Utility




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9. Market Supply




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10. Law of Demand




Select the Term that corresponds to the displayed Definition.
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11. the amount of goods and services that producers are able and willing to sell at various prices during a specific time period.




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12. upward-sloping line that graphically shows the quantities supplied at each possible price.




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13. minimum price that can be charged for goods and services, set by the government.




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14. the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.




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15. the desire,willingness, and ability to buy a good or service.




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16. additional use that is derived from each unit acquired.




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17. measure of responsiveness relating change in quantity demanded to a change in price.




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18. downward-sloping line that graphically shows the quantities demanded at each possible price.




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19. the principle that suppliers will normally offer more for sale at higher prices and less at lower prices.




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20. product often used with another product.





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