Econ Test Chapter 3 '23 Supply, Demand and the Man in the Arena
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Horizontales
to distribute equitably without the use of prices
The period of production that allows producers to change the amounts of all inputs is the ____ run
Fairness, administrative costs and disincentives to produce are all shortcomings of
Extra tax
Supply and demand cross at the ____ point
Goods used in place of one another are called ____stitute goods
If demand changes in response to a change in price, it is considered
Two goods that are bought and used together
total cost equals total revenue is the break-even
The credit belongs to the man who is actually in the arena, whose face is marred by ____ and sweat and blood;
A price ceiling will cause a
Ceteris paribus means all other things being held
so that his place shall never be with those cold and timid _____ who neither know victory nor defeat.
The direct exchange of one set of goods or services for another
who strives valiantly; who _____, who comes short again and again, because there is no effort without error and shortcoming;
The more of an item you have, the less you want another is known as the law of diminishing
Verticales
only the ______demand curve shows demand for everyone
who at the best knows in the end the triumph of _____ achievement, and who at the worst, if he fails, at least fails while daring greatly,
or where the _____ of deeds could have done them better.
A change in demand can be caused by a change in related
The supply curve can shift as a result of a change in the price of
It is not the ______ who counts
but who does actually strive to do the _____; who knows great enthusiasms, the great devotions;
a factor which decisively affects the nature or outcome of something
A change in demand can be caused by a change in consumer
The law of supply states that as prices go up, supply goes
If a consumer cannot postpone the purchase of a product, demand tends to be
A change in demand can be caused by a change in consumer
A change in demand can be caused by a change in ____graphics
______ spends himself in a worthy cause;
not the _____ who points out how the strong man stumbles
A price floor will cause a
An increase in the ____ of the population can cause a change in demand
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