An increase in the price of milk causes a decrease in the demand for cereal. The two products are
Econ Unit 3 Review

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Social Studies
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10th - 12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
complements
2.
FLASHCARD QUESTION
Front
Because a modest price increase has little or no effect, the demand for the product is
Back
inelastic
3.
FLASHCARD QUESTION
Front
For most products and services, increased price results in
Back
demand for fewer products
4.
FLASHCARD QUESTION
Front
Advertising, fashion trends, and new product introductions serve to
Back
create consumer demand
5.
FLASHCARD QUESTION
Front
What does a demand schedule show?
Back
a listing of the various quantities demanded of a particular product at all prices that might prevail in the market
6.
FLASHCARD QUESTION
Front
When a customer's need for a product is not urgent, demand tends to be
Back
elastic
7.
FLASHCARD QUESTION
Front
The supply of a product normally decreases if:
- the cost of inputs goes down
- more producers enter the market
- the price of the product increases
- taxes on the product increase
Back
taxes on the product increase
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