Demand

Front

If the demand for a good increases when people's incomes increase, what type of good is it?

Back

The good is a normal good.

Front

When the price of a product increases, a consumer is able to buy less of it. Which effect does this describe?

Back

Income Effect

Front

What shifts the demand curve for cellular phones to the left?

Back

Studies showing using cellular phones can cause brain cancer.

Front

Which of these best describes the law of demand?

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

The graph represents which concept of demand?

Back

Change in Demand (Shift)

Front

The price of coffee increases and people switch to drinking tea. The determinant of demand is

Back

Price of Related Goods (Substitutes)

Front

Identify which determinant of demand (Shifter) is involved: Kohl's Black Friday sales are approaching. Options: Population, Complementary goods, Consumer expectations, Consumer tastes or preferences

Back

Consumer expectations

Front

What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?

Back

price

Front

When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of: Complementary goods, Capital Goods, Substitute Goods, Consumer Goods

Back

Complementary goods

Front

Goods for which demand goes down as income goes up are better known as

Back

Inferior Goods