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Economics: Demand Flashcards | StudBud
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Economics: Demand
Economics: Demand
8 terms
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#Economics #Demand #Supply
Flashcards
8 cards
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Questions
8
Answers
1
Which are
NOT
complementary products?
Movies and Popcorn
Peanut Butter and Bread
Pants and Shoes
Cars and Gasoline
2
Which are
NOT
Substitute Products?
Coke and Pepsi
Brocolli and Steak
Apples and Oranges
Oranges and Carrots
3
Law of Demand
If price drops people demand less
If Price goes up people demand more
If price goes up people demand less
If price drops people demand more
4
What is Change in Quantity Demanded?
Effect a change in price has on quantity demanded
Change in demand due to substitutes
Change in demand due to number of buyers
Changes in demand due to increases in income
5
Which is
NOT
a factor that causes a Change in Demand for a good
How much the good costs
Price of other products
Changes in income of the buyers
Number of Buyers in the Market
6
What is the Definition of Demand?
How much consumers want of a good
How much a person will pay for a certain quantity of a good
How much a company should produce
How much a good costs
7
What is a Demand Schedule?
A graph showing quantity demanded
A table that shows prices
A table that shows demand at different prices
A graph that shows prices and demand
8
If a good is an inferior product what happens to demand if peoples income increase?
People buy less
Who knows
People buy more
Stays the same
