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