Problem 1. A ------------ ----------- is a legal maximum price above which a commodity cannot be sold.
Problem 2. Cars and gasoline are a good example of-----------(complements, inferior goods, substitutes)
Problem 3. The law of ---------- states that the quantity demanded is inversely to price.
Problem 4. If the demand for a good falls when income increases, the good is call a(n) ------------- good
Problem 5. The supply curves slopes ---------- because, all else equal, a higher price means a greater quantity supplied.
Problem 6. At the ----------- price, quantity demanded is equal to quantity supplied.
Problem 7. In a market, the price of any good adjusts until ---------- ------------ equals quantity supplied.
Problem 8. A shortage will occur at a price ----------- equilibrium and a surplus will occur at any price ---------- equilibrium.
Problem 9. A reduction in an input price will cause a change in quantity ------------, but not a change in --------------
Problem 10. If a price ceiling is below the equilibrium price, the quantity ----------- will exceed the quantity ------------.