# Economics

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Directions: Match each item with the correct statement.

Here are the words:

supply elasticity
law of supply
price system
technology
price ceiling
supply inelastic
supply curve
shortage
market supply
taxes

1. principle that suppliers will normally offer more for sale at higher prices and less at lower prices

2. combined supply schedules of all businesses providing the same good or service

3. methods or procedures used to make products

4. lowering these helps increase supply

5. measures how the quantity supplied changes in response to price changes

6. goverment maximum price charged for goods and services

7. product for which quantity varies little when prices increase or decrease

• Economics -

I agree on all seven

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