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CH. 7: Supply and Demand

Across
An increase in consumer income demand for this type of good.
Purchasing twice the amount of a product when it is half-price illustrates this effect.
Quantity demanded and price has this type of relationship.
An increase in consumer income will decrease demand for this type of good.
Pharmaceutical products have this type of demand.
This law of utility states that the additional satisfaction people get from consuming one more unit of a product will lessen with each additional unit they consume.
Goods for which an increase or decrease in demand for one leads to a fall or increase in demand for the other .
This type of utility can be defined as the change in total utility realized by consumer one more unit of a good.
Minimum wage is an example of this price type.
Luxury products have this type of demand.
Down
This is the amount of a good or service that people are both willing and able to buy.
Rent control is an example of this price type.
This occurs when a price floor is mandated.
Quantity supplied and price have this type of relationship.
Computer hardware and software are an example of this type of goods.
The marketplace operates through this type of exchange.
This type of good is a product that has its demand increase when the relative price of another good increases.
This is the amount of a good or service available at any particular price.
The demand curve shifts in this direction when a product is a fad.
This occurs when a price ceiling is mandated.