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15
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If there are few or no substitutes for a good, then which of the following is true? (Elastic, unit elastic, inelastic)
Inelastic
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lifesaver
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gift
Win 25 points!
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shark
Other team loses 5 points!
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baam
Lose 15 points!
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15
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Peanut butter and Jelly are examples of what kind of good?
Complementary
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15
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What will happen in the car market if consumers expect higher prices in the near future?
The demand for cars will increase
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20
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Person's income and demand change in the same direction (Income go up, quality of goods go up) is what kind of good?
Normal
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20
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If the price for a good goes down the demand for the good goes?
Up
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5
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If the cost of cereal goes up, the demand for milk will?
Go down
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25
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A shift of the demand curve represents
a change in demand
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fairy
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25
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shark
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lifesaver
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15
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What is a substitution for Pepsi?
Coke
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20
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Decrease/ Increase Inelastic demand and an increase in price lead to an _____ in total revenue.
Increase
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15
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If the price for a good goes up the demand will go____?
Down
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gift
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rocket
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lifesaver
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5
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In economics, demand means
willingness and ability to buy a good
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15
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willingness and ability of buyers to purchase different quantities of a good, at different prices, during a specific time period.
Demand
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25
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What are TWO factors that can cause a change in shift in the curve?
Income, Preferences, Price of a related goods, Number of buyers, future price
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