The elasticity of supply is defined as the __________ change in quanity supplied divided by the ____________ change in price.

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the:

Which of the following would most likely shift the production possibilities frontier inward?

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.