Supply and Demand

Inelasticity of demand is a measure of how consumers respond to price changes.

A demand curve is a graphic representation of a ___________.

Factors that causes shift in the demand _________.

An example of an inferior good is ___________

The substitution effect can also apply to a drop in prices.

___always affect the quantity demanded because people buy less of a good when its prices go up.

A ______ is the desire to own something and the ability to pay for it.

An example of a normal good is _______

The law of ______ says that when a good’s price is lower, consumers will buy more of it.

Price changes in one good can affect the demand for ______ goods.