Question

match the correct definition with each term

a good that is used with another good; price of one affects demand for the other. -> substitute

points where qs=qd. -> equilibrium

prices above equilibrium where qs is greater than qd, result in this. -> surplus

a good used in place of another good; price of one affects demand for the other. -> complement

prices below equilibrium where qs is less than qd, result in this. -> shortage

Explanation:

Analyze complements and substitutes

Using the Substitutes and Complements knowledge point

• "a good that is used with another good; price of one affects demand for the other." matches complement.
• "a good used in place of another good; price of one affects demand for the other." matches substitute.

Analyze market equilibrium

Using the Market Equilibrium knowledge point

• "points where QS=QD." matches equilibrium.

Analyze surplus and shortage

Using the Surplus and Shortage knowledge point

• "prices above equilibrium where QS is greater than QD, result in this." matches surplus.
• "prices below equilibrium where QS is less than QD, result in this." matches shortage.

Answer:

Definition	Term
points where QS=QD.	equilibrium
prices above equilibrium where QS is greater than QD, result in this.	surplus
a good used in place of another good; price of one affects demand for the other.	substitute
prices below equilibrium where QS is less than QD, result in this.	shortage