ECON: Unit 2 study guide

What would cause quantity demanded to go up?

• higher prices

• lower prices

What would cause quantity demanded to go down?

• Higher prices

• Lower prices

What is demand?

• the extra usefulness or satisfaction a person gets from acquiring or using one product

• The higher the price of a product causes high demand

• a table that lists the quantity of a good people would buy at different prices.

• Combination of desire, ability, and willingness to buy something.

What is Demand Schedule?

• A table that lists the quantity of a good people would to buy at different prices.

• the extra usefulness or satisfaction a person gets from acquiring or using one product

• combination of desire, ability, and willingness to buy something

• all of the above

What is Marginal Utility?

• A table that lists the quantity of a good people would buy at different prices

• combination of desire, ability, and willingness to buy something

• the extra usefulness or satisfaction a person gets from acquiring or using a product

• none of the above

What is the Substitution Effect?

• Combination of desire, ability, and willingness to buy something

• a table that lists the quantity of a good people would buy at different prices

• the extra usefulness or satisfaction a person gets from acquirinf or suing a product

• there is change in quantity demand because of the change in relative price of another product

Select the correct examples of COMPLIMENTS

• Peanut butter and jelly

• Printers and ink

• DVD player and a DVD

• Flour tortillas and corn tortillas

Select the correct examples of SUBSTITUTES

• Tea and coffee

• Pepsi and Coca-Cola

• peanut butter and jelly

• Bananas and apples

What would cause a change in demand?

• change in income and consume

• change in number of consumers

• change in substitute good

• all of the above

Which of the following is correct?

• the demand curve in Change Demand changes

• the demand curve in Change in Quantity Demand does not shift.

• all of the above

• None of the above