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Supply and Demand 1 Flashcards | StudBud
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Supply and Demand 1
Supply and Demand 1
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1
What explains the reason why the demand curve is sloped?
utility
supply and demand
Individual taste
marginal utility
2
Marginal Utility is the amount of satisfaction you get from each _____________ unit.
decreasing
good
increasing
additional
3
What product is the most elastic?
car
buckle jeans
paper
hot dogs
4
The best example of diminishing marginal utility is_________________
Senior Prom
first new car
2nd donut
5th piece of pizza
5
The Law of Demand sates that quantity demanded and price are _________________ related
directly
universally
inversely
indirectly
6
What determines a products elasticity?
supply
demand
price
substitutes
7
Demand indicates how much of a product consumers are ____________ to buy at each possible price
able
willing
going
willing and able
8
The lower the price the ____________ the quantity demanded.
lower
greater
9
Elasticity measures _____________ to change in price.
responsiveness
calibration
reaction
sensitivity
10
What product is the least elastic? (or most inelastic?)
t-shirt
milk
chair
american cheese
11
__________ is the amount of satisfaction you get from an item.
Economics
Utility
Margin
Service
