Price determination in a competitive market

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M I N W A R D S H I F T O F S U P P L Y X
W D I M J X E E R T V Y H L V I U B R I W
B L L P R Q W K T A K Q H R Y O X J N S A
A X G D Y L B T Y B O I R S E U L O J M D
W V X D O W R U T X R A V L Q T E H G U B
E A T M R R D M T N P K K Y E Q I B X Q H
A E X P A N S I O N O F S U P P L Y A U D
K C Q H M L X O A Y B M W J D D O G P L E
S C O M P L E M E N T A R Y G O O D S Q Y
U C L O S E S U B S T I T U T E S Y U W Q
B C L O S E C O M P L I M E N T S S S V K
S H Q A F C D K V L C E U O T I W D E M E
T C O N T R A C T I O N O F S U P P L Y M
I H L J B H Q X P G P N V N V C A S F U D
T W R D B E G A M D N N S K S J P S U K L
U K O Y W E A K C O M P L I M E N T S Q J
T S G F B R Y Y B V W Y G J L X Y G K F D
E C O N T R A C T I O N O F D E M A N D L
S A E X P A N S I O N O F D E M A N D B U
R H O J A D G V U P O H R D D P L V Y P X
J A I G C Q D G Q O L W S L M S P A H W F

Clues

  • A large fall in the price of a good X leads to only a small increase in QD of Y (4, 11)
  • A large increase in the price of good X leads to a smaller increase in QD of Y (4, 11)
  • A small fall in the price of good X leads to a large increase in QD of Y (5, 11)
  • A small increase in the price of good X leads to a large increase in QD of Y (5, 11)
  • Have a negative XED - if one good becomes more expensive the quantity demanded for both falls (13, 5)
  • Less goods are supplied at the market price (6, 5, 2, 6)
  • Price falls and Quantity supplied falls (11, 2, 6)
  • Price increases and Quantity supplied increases (9, 2, 6)
  • Price level falls - larger quantity is demanded (9, 2, 6)
  • Price level increases - lower quantity is demanded (11, 2, 6)

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