Demand Flashcard Review

Front

If a good is inferior, what happens when consumer's incomes fall?

Back

Demand increases

Front

The price of product A increased, leading to an increase in demand for product B. These two goods must be...

Back

substitute goods

Front

What is elasticity?

Back

change in quantity demanded in response to price changes

Front

Which is an inelastic good? Options: yacht, insulin, iphone 14 pro, firestick

Back

insulin

Front

The price of good C increased, leading consumers to demand less of product D. These products must be...

Back

complements

Front

If a product is a normal good, what happens when consumers' incomes fall?

Back

Demand decreases

Front

An increase in the price of bagels leads to an increase in the demand for english muffins. These two goods must be...

Back

Substitute goods

Front

Which could cause a decrease in demand? Preferences towards the product increase, Consumer income taxes fall, Population in an area decreases, New technology makes production more efficient

Back

Population in an area decreases

Front

A change in the price of a good leads to a change in....

Back

Quantity demanded

Front

Which two goods would be considered complements? Ipads and Laptops, TVs and Remote Controls, Pasta Salad and Potato Salad, Coke and Pepsi

Back

TVs and Remote Controls