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Economics Chapter 4

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