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If a decrease in income increases the demand for a good, the good is (inferior, normall)
inferior
The demand for necessities such as milk, electricity, and water is usually (Elastic, unit elastic, inelastic)
inelastic
On a demand curve , a change in quantity demanded is represented by
a movement along the curve
A change in quantity demanded can be caused by
price
If there are few or no substitutes for a good, then which of the following is true? (Elastic, unit elastic, inelastic)
Inelastic
What type of good will be in higher demand if a person's income increases?
A normal good
If the demand for computers increases, the demand curve will
shift to the right
What will happen in the car market if consumers expect higher prices in the near future?
The demand for cars will increase
If demand for a good is elastic and its price decreases, total revenue
Goes up
Who determines whether a good is normal or inferior?
Individuals
A shift of the demand curve represents
a change in demand
What direction does Demand curves slope?
Slope downward from left to right
In economics, demand means
willingness and ability to buy a good
A market is any place
Where buyers and sellers meet
willingness and ability of buyers to purchase different quantities of a good, at different prices, during a specific time period.
Demand
What is the number of units of a good purchased at a specific price.
Quantity Demanded
