supply and wants

demand and output

demand and supply

supply and needs.

fall

increase

stay the same

increase and then remain constant.

the price of Pepsi-Cola

the supply of Coca-Cola

the cost of producing Coca-Cola

an increase in incomes of people who do not buy Coca-Cola

The supply of the product is inelastic.

Competitors have lowered their prices.

Demand for the product is inelastic.

Demand for the product is elastic.

Demand for the product is elastic.

Supply is inelastic.

Firms have been unable to increase output.

Supply is elastic.

The price is at its equilibrium level.

Price skimming is being used.

Supply and demand are both elastic.

Cost-plus pricing is being used.

sales are increasing rapidly

competitors have just raised their prices

the objective is to achieve a high market share

the firm wants to establish a luxury image for the product.

$1

50 cents

$3

75 cents

price penetration

price skimming

competitive pricing

cost-plus pricing.

promotional pricing

price skimming

equilibrium price