Relationship between price and quantity produced

Relationship between price and quantity produced

The quantity supplied is greater than the quantity demanded
Direct relationship between price and quantity produced
Increase in price of one will cause increased demand for the other
Inverse relationship between price and quantity purchased
Products usually used together
Hot dogs, Spam, or Raman noodles
This is intended to keep landlords from charging unreasonably high rents
Consumers buy more when incomes increase.
The quantity demanded is greater than the quantity supplied
prices are not allowed to fall below a certain level

Complementary good
Shortage
Price Ceiling
Normal Good
Law of Supply
Inferior Good
Law of Demand
Surplus
Substitute good
Price Floor


 

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