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Economics Chapter 4
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If the cost of pork chops goes up the demand for steak will go?
Down
If the cost of bacon goes down, the demand for eggs will go?
Up
If the cost of cereal goes up, the demand for milk will?
Go down
If hotdog buns go up, the demand for hotdogs will go up or down?
Down
Mountain Dew and Mellow Yellow are what type of goods?
Substitute
Peanut butter and Jelly are examples of what kind of good?
Complementary
Decrease/ Increase Inelastic demand and a decrease in price lead to a ___________ in total revenue.
Decrease
Decrease/ Increase Inelastic demand and an increase in price lead to an _____ in total revenue.
Increase
Decrease/ Increase Elastic demand and a decrease in price lead to an ____________ in total revenue.
Increase
Decrease/ Increase Elastic demand and an increase in price lead to a ________ in total revenue.
Decrease
What are two factors that can affect elasticity?
Time. Number of substitutes. Luxuries versus necessities. Percentage of income spent on the good.
What term means that the impact of a price change is neutral—that is, neither major nor minor
Unit Elastic
What terms means that there is a minor change in quantity demanded when the price changes.
Inelastic
What term means that a price change has a significant impact on the quantity demanded?
Elastic
The only factor that causes a change in quantity demanded is?
Price
What is a substitution for Pepsi?
Coke
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
Milk would be classified as what type of good?
Neutral
If demand does not change even though income does, the good is a? (Doesn't matter how income changes.
Neutral
Hotdogs would be classified as what type of good?
Inferior
If income and demand go in opposite directions, the good is an? (Income goes down, quality of goods go down)
Inferior
Steak would be classified as what type of good?
Normal
Person's income and demand change in the same direction (Income go up, quality of goods go up) is what kind of good?
Normal
If the price for a good goes down the demand for the good goes?
Up
If the price for a good goes up the demand will go____?
Down
Something that has value or gives us satisfaction?
Utility
What is the term for additional?
Marginal
What is the term for declining or decreasing?
Diminishing
What is the number of units of a good purchased at a specific price.
Quantity Demanded
willingness and ability of buyers to purchase different quantities of a good, at different prices, during a specific time period.
Demand
A market is any place
Where buyers and sellers meet
In economics, demand means
willingness and ability to buy a good
What direction does Demand curves slope?
Slope downward from left to right
A shift of the demand curve represents
a change in demand
Who determines whether a good is normal or inferior?
Individuals
If demand for a good is elastic and its price decreases, total revenue
Goes up
What will happen in the car market if consumers expect higher prices in the near future?
The demand for cars will increase
If the demand for computers increases, the demand curve will
shift to the right
What type of good will be in higher demand if a person's income increases?
A normal good
If there are few or no substitutes for a good, then which of the following is true? (Elastic, unit elastic, inelastic)
Inelastic
A change in quantity demanded can be caused by
price
On a demand curve , a change in quantity demanded is represented by
a movement along the curve
The demand for necessities such as milk, electricity, and water is usually (Elastic, unit elastic, inelastic)
inelastic
If a decrease in income increases the demand for a good, the good is (inferior, normall)
inferior


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