Demand-(Chapter 4)

Question 1

What is Elasticity?

Accepted Answer

a general change in price causes a change in demand/supply

Question 2

If a product has a Demand Coefficient of less than 1, the product is considered to be

Accepted Answer

Inelastic

Question 3

More people move to Houston to repair flooded homes, this is a?

Accepted Answer

Demand Issue

Question 4

What is Demand Elasticity

Accepted Answer

a change in price causes a change in demand

Question 5

What is the Law of Demand

Accepted Answer

The quantity demanded of a good varies inversely with price

Question 6

The increase in demand for a product leads to a increase in demand for related products

Accepted Answer

Complements

Question 7

More houses are build in the City of Houston, this is a issue of?

Accepted Answer

Supply

Question 8

The price of a product stays the same and the demand decreases, which direction the curve move?

Accepted Answer

to the left

Question 9

People switch from coffee to tea, this is a?

Accepted Answer

Demand Issue

Question 10

Demand

Accepted Answer

the desire, ability, and willingness to buy a product

Question 11

if a product has Demand Coefficient equal to 0, the product is considered to be?

Accepted Answer

Perfect Inelastic

Question 12

Demand for flip phones have decreased because people now prefer smart phones, this is know as?

Accepted Answer

a change in consumers taste/preferences

Question 13

Demand Schedule

Accepted Answer

a list that shows demand at all price levels

Question 14

More restaurants open in a city, this is a?

Accepted Answer

Supply Issue

Question 15

If a product has a Demand Coefficient greater than 1, the product is considered to be?

Accepted Answer

Elastic

Question 16

a product Demand Coefficient is equal infinity, the product is considered to be?

Accepted Answer

Perfect Elastic

Question 17

What is Income Effect?

Accepted Answer

change in demand BC a change in price that alter real income

Question 18

If a product has a Demand Coefficient equal to 1, the product is considered to be?

Accepted Answer

Unit Elastic

Question 19

Flood waters destroyed about a million cars in Houston, this is a?

Accepted Answer

Supply Issue

Question 20

The price of a product stays the same and the demand increases, which direction the curve move?

Accepted Answer

to the right

Questions 20