Total revenue decreases when what happens to a good with an elastic demand?

Total revenue decreases when the price of a good with elastic demand increases.

Total revenue increases when the price of a good with elastic demand decreases.

Total revenue remains unchanged when the price of a good with elastic demand increases.

Total revenue decreases when the quantity demanded of a good with elastic demand increases.

When consumers predict the price of a good to rise what is likely to happen to the demand?

The demand for the good is likely to increase.

The demand for the good will remain unchanged.

The demand for the good will fluctuate unpredictably.

The demand for the good is likely to decrease.

If demand increases what happens to the price of substitute goods?

The price of substitute goods increases.

The price of substitute goods decreases.

The price of substitute goods remains the same.

The price of substitute goods becomes unpredictable.

Demand in economics is defined as?

The quantity of a good or service that consumers are willing and able to purchase at various prices.

The price at which a good is sold in the market.

The total amount of goods produced in an economy.

The number of consumers in a market segment.

What does price elasticity of demand measure?

Price elasticity of demand measures the responsiveness of quantity demanded to a change in price.

Price elasticity of demand measures the total revenue of a product.

Price elasticity of demand measures the cost of production for goods.

Price elasticity of demand measures consumer income levels.

When price of one complementary good increases what happens to the demand of the other?

The demand for the other complementary good decreases.

The demand for the other complementary good fluctuates unpredictably.

The demand for the other complementary good remains unchanged.

The demand for the other complementary good increases.

What does the horizontal positioning of a demand curve represent?

The quantity demanded at various price levels. Creating perfect elasticity.

The total revenue generated from sales.

The relationship between supply and demand.

The maximum price consumers are willing to pay.

Cross-price elasticity of demand measures the responsiveness of demand for one good to a change in the price of?

Another good (substitute or complementary)

By having an increase in the price of a complementary good what will happen to the demand curve?

The demand curve will shift to the left.

The demand curve will become vertical.

The demand curve will remain unchanged.

The demand curve will shift to the right.

What happens when we have perfectly elastic demand?

Consumers will only buy at a specific price; any price change leads to zero demand.

Consumers will buy more as prices increase.

Demand remains constant regardless of price changes.

Consumers will buy at any price without restrictions.

What causes a decrease in a demand for a good?

Factors such as price increase, lower income, changing preferences, availability of substitutes, or fewer consumers.

What happens to the price if the demand for good is unit elastic?

The price increases significantly.

What defines a normal good?

A normal good is a good for which demand increases with an increase in consumer income.

A normal good is a good that is always in high demand regardless of income.

A normal good is a good that is considered a luxury item regardless of income.

A normal good is a good for which demand decreases as consumer income increases.

What does "ceteris paribus" mean in economics?

Ceteris paribus means 'all other things being equal' in economics.

Ceteris paribus refers to the law of supply and demand.

Ceteris paribus means 'all things are equal' in economics.

Ceteris paribus indicates that economic factors are always changing.

How does the term "ceteris paribus" correlate with as the price increase

As the price increases, ceteris paribus suggests that demand will decrease.

As the price increases, ceteris paribus indicates that demand will increase

Ceteris paribus means that price changes have no effect on demand.

As the price increases, ceteris paribus suggests that demand will remain constant.

What makes something an inferior goods?

Inferior goods are products whose demand increases as consumer incomes decrease.

Inferior goods are always more expensive than normal goods.

Inferior goods are luxury items that are always in high demand.

Inferior goods are products whose demand decreases as consumer incomes decrease.

What is a reason in which the demand curve will shift to the right?

Increase in consumer income and preference.

State the formula for elasticity of demand?

Elasticity of Demand = (% Change in Quantity Demanded) / (% Change in Price)

Elasticity of Demand = (Total Revenue) / (Quantity Sold)

Elasticity of Demand = (Price) / (Quantity Demanded)

Elasticity of Demand = (% Change in Price) / (% Change in Quantity Supplied)

By increasing the population what effect does this have on the demand for a good?

Increasing the population increases the demand for a good.

Demand for a good remains constant regardless of population changes.

Population growth has no effect on the demand for a good.

Increasing the population decreases the demand for a good.

What makes a good a complementary good?

A good complementary good enhances the value and demand of another good when used together.

A good complementary good is unrelated to the use of another good.

A good complementary good is always a luxury item.

A good complementary good decreases the demand for another good.

Examples of goods with highly elastic demand?

Luxury goods, electronics, and restaurant meals.

What type of shift to the demand curve does a successful advertising campaign have?

Rightward shift of the demand curve

Vertical shift of the demand curve

Leftward shift of the demand curve

When the price of a good decreases and total revenue increases, the demand does what?

decreases (demand is inelastic)

remains constant (demand is unitary)

increases (demand is perfectly inelastic)

Which of the following would most likely cause a leftward shift in the demand curve for a product?

A decrease in the price of a substitute good.

A decrease in the price of the product itself.

A successful advertising campaign for the product.

An increase in consumer income for a normal good.

Which of the following is an example of a normal good?

Instant noodles for low-income consumers

Public transportation during a recession

Demand

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Social Studies

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9th - 12th Grade

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Michael Dempsey

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Demand

41 questions

What does a correct representation of a demand curve look like? What are its parts?

What is the best representation of a market demand curve?

When a demand for a necessity is involved it is typically?

What is the most common factor to influence the demand for a luxury item?

What creates a change in the quantity demanded?

On a demand curve, what does a shift to the left indicate?

If the cross-price elasticity of two goods is positive, the goods are:

What is an example of something that has an inelastic demand?

What is not a determinant of demand?

If a percentage increase in price leads to a percentage decrease in quantity demanded, the demand is?

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