If you choose to go outside and play with your friends after school instead of doing your homework, what is you opportunity cost?

You are a consumer!

When prices go up, consumers buy less. When prices go down, consumers buy more. This describes:

Which of the following is NOT a non-price determinant of demand?

Which of the following pairs would NOT be considered complements to each other?

The quantity producers are willing to produce depends on...

The quantity consumers purchase depends on:

When prices go up, producers want to create more. When prices go down, producers want to create less. This describes...

Products are left over when the quantity supplied is greater than the quantity demanded.

There is not enough of the product when the quantity supplied is less than the quantity demanded.

All products are sold and everyone is happy when the quantity supplied is equal to the quantity demanded.

This is what occurs when there are large numbers of buyers and sellers, the firm's products are basically alike, and firms are free to enter and exit the market.

When there is a single seller or a good, there are no close substitutes, and there is no competition.

This is where producers and consumers come together.

Where does equilibrium occur on a graph showing both a demand and a supply curve?

This is what occurs when wants are greater than the resources available to satisfy those wants. (It's the basic economic problem.)