Economics Ch. 4 Review (Demand)

Shifting a demand curve to the left will mean a/an______in demand

Type of economics that deals with behavior and decision making by individuals and firms.

Movement along a demand curve suggests

which of the following could cause the movement shown in the graph?

The law that states that qty demanded varies inversely with its price of a product

An increase in the price of paint = a decrease in the demand for paint brushes. 2 products are

From D1 to D2 represents

Shifting a demand curve to the right will mean a/an ______in demand

________occurs when a given change in price causes a relatively smaller change in qty. demanded

The extra satisfaction a person gets from acquiring or using one more unit of a product

measure of responsiveness that tells how much qty demanded responds to a change in the price

graph that shows the qty demanded at each and every price that might prevail in the market.

D to D' represents

"Consumers will buy more at a lower price" illustrates the

Goods that are used in place of another.

______________illustrates the qtys. demanded by everyone interested in purchasing a product

When a customer's need for a product is not urgent, demand tends to be

Demand is _______when a given change in price causes a proportional change in the qty demanded

Shift from D1 to D2 represents

change in qty demanded because of a change in price that alters consumers' real income

The change in qty demanded because of the change in the relative price of the product

Related goods that increase the use of other goods:

Shows the various quantities demanded of a particular product at all prices

Consumer's willingness to replace a costly item with a less costly item is an example of

Going from $ 2.20/gallon to $1.00 a gallon represents a/an __________in qty demanded