Supply and Demand

... is the satisfaction we get from consuming a good or service.

... is the quantity of a good or service people are willing and able to buy.

The ... of demand tells us that as the price of a good or service increases, the quantity demanded decreases and as the price decreases, the quantity demanded increases.

The demand ... shows the relationship between the price of a good or service and the quantity demanded.

A ... is a good that can be used in the place of another good.

... is the quantity of a good or service that suppliers are willing and able to supply.

The law of ... tells us that as the price of a good or service increases, the quantity supplied will increase and as the price decreases, the quantity supplied decreases.

... occurs when the quantity of a good or service demanded is equal to the quantity supplied.

The ... curve shows the relationship between the price of a good or service and the quantity supplied.

Everyone derives the same amount of utility when they consume identical goods and services.

• True

• False