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1.2.2/4/6 Demand, Supply & Price determination Flashcards | StudBud
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1.2.2/4/6 Demand, Supply & Price determination
1.2.2/4/6 Demand, Supply & Price determination
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1
Demand is greater than supply at a given price point = ???
Demand deficit
Excess supply
Excess demand
Equilibrium price
2
Goods that are purchased together because they are consumed together = ???
Complementary goods
Substitute goods
Inferior goods
Luxury goods
3
The price where supply & demand are equal = ???
YED
Cash flow forecast
Equilibrium price
PED
4
Price per unit x Number of units sold = ???
Gross profit
Net profit
Total sales revenue
Break even point
5
Supply is greater than demand at a given price point = ???
Gap in the market
Excess demand
Supply deficit
Excess supply
6
Goods for which demand rises if income falls = ???
Complementary goods
Normal goods
Luxury goods
Inferior goods
7
Goods for which demand will fall if income rises = ???
Luxury goods
Inferior goods
Information goods
Substitute goods
8
Goods that can be bought as an alternative to something else = ???
Intangible goods
Perishable goods
Substitute goods
Complementary goods
9
The quantity of a product bought at a given price over a given period of time = ???
Demographics
Market equilibrium
Supply
Demand
10
Goods for which demand will rise if income rises = ??
Hazardous goods
Inferior goods
Superior goods
Normal goods