Vocab. Quiz (Supply & Demand)

Any good that consumers purchase more of as their incomes increase.

Any good that consumers purchase less of as their income increases.

the amount a supplier is willing and able to supply at a certain price.


the amount a consumer is willing and able to buy at a certain price.

states that as prices rise, quantity demanded decreases.

states that the higher the price, the greater the quantity produced.

is the amount consumed at a specific price.

The ________________ of demand are factors that change demand.

Input prices

Producer expectations

Technology

Change in the price of other goods

Number of suppliers

Government

The amount that producers are willing and able to sell at a specific price is called