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28 Cards in this Set

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When a change in price has little impact on quantity demand?
inelastic demand
a product that is commonly used with other product?
complementary goods
a non-priced factor that affects demand for a product over time?
determinate of demand
the amount of a good or service that a person is willing and able to buy at a particular price?
quantity demand
a product that can be used to replace a product when prices rise
substitute goods
any increase or decrease in purchasing power caused by a change in price?
income effect
the tendancy of consumers to purchase lower priced products instead of the expensive ones?
substitution effect
a list that shows the relationship between price and quantity demanded?
demand schedule
This exists when a small change in price has a large impact on the quantity demand?
elastic demand
A graph reflecting the relationship between the price and the quantity demanded?
demand curve
The amount of goods or services consumers are willing and able to buy at various prices?
demand
key variable that affects demand
price
according to the law of demand their is an inverse or an opposite relationship between price and what?
quantity demand
Any change in a consumers purchasing power resulting to a change in price?
income effect
This term refers to the amount of satisfaction a person recieves from consuming a product?
utility
When the price of a product increases the demand for that products_______ increases?
substitute goods
When the price of a products falls the demand for that products________increases.
complementary goods
A product with this type of demand is not a neccessity
elastic demand
A product with this type of demand is a neccesity
inelastic demand
This test measures demand elasticity
total revenue
A demand curve only displays a snap shot of a market becuase
it represents a specific time period
Which of the following is non-priced determinate of demand
all of the above
Market size can be affected by
all of the above
Which will the demand curve shift if the consumers income rises?
right
If substitutes are readily available for a product, the product has what?
elastic demand
If a price increase causes a fall in total revenue then demand is what?
elastic
A product demand elasticity is affected by what?
all of the above
If substitutes are not readily available for a product then the product then has?
Inelastic demand