When price goes up, there is an ___________ in quantity supplied.
Increase
Decrease
Both 1 and 2
None of these
The buying side of the market is referred to by economists as the ______________.
Supply side
Demand side
Both 1 & 2
____________ is defined as a numerical measure of the responsiveness of demand following a change on income alone.
Unitary elasticity
Price elasticity of demand
Income elasticity of demand
____________ are products that enhance the satisfaction derive from another product.
Substitutes
Complements
Normal
When price goes up, there is ____________ in quantity demanded.
The ___________ is relevant in under standing how producers can react in markets.
Price elasticity of supply
Cross elasticity of demand
The term ______________ refers to a situation of balance where at least under present circumstances there is no tendency for change to occur.
Equilibrium
Demand
Supply
The ____________ curve shifts to the left or right when, 'other things being equal', the assumption is changed.
Demand curve
Supply curve
_____________ is a numerical measure of the responsiveness of supply to a change in the price of the product alone.
Income elasticity
____________ influence company decisions in many ways.
Private
Public
Government