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Economics wt Reading Study online at quizlet.com/_9f1mr 1. an increase For most products and services, ________________ in price results in demand for LESS of the product. 2. collusion an agreement among firms to divide the market, set prices, or limit production 3. competitive A _______________ market runs itself. 4. complements An increase in the price of gasoline causes a decrease in the demand for trucks. The two products are ___________. 5. consumer demand Advertising, fashion trends, and new product introductions serve to create _________________. 6. consumption Prices enable a market economy to adjust to unexpected events by adjusting ________________ and production. Economies of Scale as a company produces larger numbers of a particular product, the cost of each of these products goes down 8. equals Profits will be maximized when marginal revenue _______ marginal cost. 9. equity/efficiency The federal minimum wage law demonstrates a societal choice for economic ________ over efficiency. 10. fairness Perceived lack of _________ is a characteristic of allocation by rationing. geographic monopoly market structure in which one firm has a monopoly in a geographic area 12. greater/demanded At a given price, a surplus occurs when the quantity supplied is ___________ than the quantity _____________. 13. inelastic If a modest price increase has little or no effect, the demand for the product is _________________. 14. interdependence Oligopoly is a market structure with a great deal of _________ among firms. 15. left When producers offer fewer products for sale at each and every price, the supply curve has shifted to the ________. 16. monopoly A monopoly's prices are determined by the _____________. 17. more/less In a market economy, a high price is a signal for producers to supply _________ and consumers to buy ______. 7. 11. nonprice competition ways to convince buyers that the product is unique or better than others by advertising, giveaways, or other promotions oligopoly domination of a market by only a few large sellers perfect competition Market situation in which a large number of well-informed and independent buyers and sellers exchange identical products. price fixing an agreement among firms to charge one price for the same good product differentiation Manufacturer's use of minor differences in quality and features to try to differentiate between similar goods and services. 23. SMART Goals Specific, Measurable, Attainable, Realistic, Timely 24. substitution Consumers' willingness to replace a costly item with a less costly item in an example of the ____________ effect. 25. taxes The supply of a product normally decreases if ______ on the product increases. 26. useful A perfectly competitive market is necessary for markets to be _________________. 18. 19. 20. 21. 22.