If people decide to purchase less at every price level, __________ (shift left) will result.

If people have ______ income, they will purchase more of a normalgood.

If the demand for iphones rises as incomes increase, then the iphone is a(n) _____ good.

If the government assigns property rights to a common resource, _______.

If the union (monopoly seller) faces a _____ the situation is called bilateral monopoly.

In a market system, producers are _________ seeking new opportunities to satisfy consumer needs.

Rational decision making is the idea that people do the best they can, based on their values and information.

Output per worker is called

Price controls are Government-mandated ________ prices

An incentive that either reduces costs or increases benefits

The value of the best forgone alternative that was not chosen is called