Hint
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Answer
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What phrase is used to describe the quantity of a good or service that firms plan to sell at given prices over a given time period?
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Market supply
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Total sales revenue minus total costs of production equals...
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Profit
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Price multiplied by quanitity sold equals...
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Total revenue
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Excess supply or excess demand causes market '____'
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Disequilibrium
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When one good is produced and another is produced from the same raw materials the goods are in '______ _______'
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Joint supply
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When raw materials are used to produce one good so consequently cannot be used to produce another good the goods are in '_________ ______'
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Competing supply
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'_________' demand is demand for a good which has more than one use.
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Composite
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'_________' demand is demand is for a good which is an input into the production of another good.
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Derived
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What is the term for a good that is regarded by society or goverment as deserving of public finance?
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Merit good
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At which price does supply exactly equal demand?
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Equilibrium
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What is the term used to describe demand for a good or service backed with ability to pay?
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Effective demand
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What is the term for a market with a high number of; buyers (who posses good market information) and sellers (who can enter or exit the market at will)?
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Competitive Market
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A rightward shift of a demand curve signifies what?
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Increase in demand
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A leftward shift of a demand curve signifies what?
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Decrease in demand
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Which word is used to describe the responsiveness of a second variable to an initial change in the first variable?
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Elasticity
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What does PED stand for in economics?
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Price elasticity of demand
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What measures the relationship between a change in quantity demanded for a good and a change in real income?
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Income elasticity of demand
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A good with an IED of between 0 and 1 is...
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Normal necessity
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A good with an IED greater than 1 is...
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Luxury
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Which word describes a good for which demand increases as income rises and demand decreases as income falls?
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Normal good
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Which word describes a good for which demand increases as income falls?
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Inferior good
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What measures the extent to which a good changes in demand in response to a change in price of another good?
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Cross elasticity of demand
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A negative XED (aka CPED) signifies the two goods are '__________'
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Complementary
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A positive XED (aka CPED) signifies two goods are...
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Substitutes
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