Term
| market prices provide this for producers and consumers |
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Definition
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Term
| buyers want to buy more than before at every price |
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Definition
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Term
| allocating something scarce among people who want more than is available |
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Definition
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Term
| the amounts sellers want to sell at differen possible prices |
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Definition
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Term
| how much more of a product sellers want to sell than buyers want to buy at a given price |
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Definition
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Term
| reasons for producing goods and services |
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Definition
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Term
| the price that balances the amount buyers want to buy with the amount sellers want to sell |
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Definition
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Term
| the amounts buyers want to buy at different possible prices |
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Definition
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Term
| rivalry among buyers or among sellers |
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Definition
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Term
| how much more of a product buyers want to buy than sellers want to sell at a given price |
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Definition
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Term
| higher price for a product |
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Definition
| causes buyers to buy less of it |
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Term
| a market-clearing price is important because |
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Definition
| it balances the amounts demanded and supplied |
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Term
| the market-clearing price of doughnot is |
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Definition
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Term
| if the price of doughnuts is $1 per dozen, then |
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Definition
| competition among buyers will force the price up |
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Term
| at a price of $1 per dozen, there is |
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Definition
| a surplus of doughnuts equal to 200 dozen per day |
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Term
| what best described the forces that make a price move up or down to its market-clearing level |
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Definition
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Term
| which of the following best illustrates the rationing function of market-clearing prices? |
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Definition
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Term
| in the early 1990s a company in France introduced a new type of snow skis... |
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Definition
| providing an incentive to produce skis |
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Term
| if the demand for a product increases faster than its supply, what would probably happen to the products market-clearing price? |
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Definition
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Term
| market-clearing prices do which of the following in free enterprise? |
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Definition
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