EconQ2C4&5P2

When there are different amounts demaned at every price, causing the demand curve to shift to the left or right, that is known as

• change in demand
• change in supply
• income effect
• substitutes

When a portion of a change in quantity demanded caused by a change in consumer's income is known as

• change in demand
• change in supply
• income effect
• substitutes

products related in such a way that an increase in the price of one reduces the demand for the other

• change in demand
• change in supply
• income effect
• substitutes

A change in quantity demanded is represented by

• movement along the demand curve
• substitution
• a shift of the demand curve
• complements

What is the main cause of a change in quantity demanded

• substitution
• change in revenue
• change in price
• the income effect

What is the relationship between income and demand

• A decrease in income increases demand
• A decrease in price decreases income
• An increase in price increases income
• An increase in income increases demand

Which is likely a complementary product to a tablet

• DVD's
• movie tickets
• apps
• pencils

Demand is elastic when a given change in price causes a relatively larger change in quantity demanded

• true
• false

The sole determination of elasticity is the answer to this question: Can the purchase be delayed.

• true
• false

Prices for common vegetables tend to be elastic. Why?

• because other vegetables are available
• because consumers must eat
• because vegetables cannot be substituted
• because vegetables are inexpensive