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Auctioneers
________ maintain order and arrange all sales, while also finding a balanced price that 'll satisfy buyers and sellers.
Shortage
________: a situation in which quantity demanded is greater than quantity supplied.
equilibrium price
When there are an increase in demand, the ________ increases.
surplus
A(n) ________ is sometimes described as an excess supply of a good.
Substitutes
________: two goods for which an increase in the price of one leads to an increase in the demand for the other.
Monopolies
________ are markets with one seller who sets a price.
Complements
________: two goods for which an increase in the price of one leads to a decrease in the demand for the other.
Supply schedule
________: a table that shows the relationship between the price of a good and the quantity supplied.
Equilibrium
________: a situation in which the market price has reached the level at which quantity supplied equals quantity demanded.
demand curve
The ________ can shift when the quantity being demanded at any given price alters.
excess demand
A shortage is often referred to as ________.
equilibrium of a price
The ________ is often called the market- clearing price.
Price takers
________ determine the price that buyers and sellers base their market on.
Ice cream sellers
________ offer a variety of products in different locations and they make sure to display the price of an ice cream cone.
Surplus
________: a situation in which quantity supplied is greater than quantity demanded.
Note
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