Youth smoking seems to be more ___________ than adult smoking. That is, the quantity of youth smoking will fall by a greater percentage than the quantity of adult smoking in response to a given percentage increase in price.

The _____________ is the only price where quantity demanded is equal to quanity supplied. 

The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket revenues, an economists would advise:

A 25-percent decrease in the price of breakfest cereal leads to a 20-percent increase in the quantity of cereal demanded. As a result: 

In economics, the demand for a good refers to the amount of the good people:

In a ______________, most economic decisions about what to produce, how to produce it, and for whom to produce it are made by buyers and selers. 

The slope of the _________________ is determined by the relative prices of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

If a firm faces ______________, while the prices for the output the firm produces remains unchanged, a firm’s profits will increase. 

In The Wealth of Nations, Adam Smith introduces the concept of _______________. Simply defined, this idea divides the work required to produce any good or service into a number of different tasks that are performed by different workers.

_____________ are enacted when discontented sellers, feeling that prices are too low appeal to legislators for favorable action in an effort to keep prices from falling.