Econ Alive Chapter 5: Demand

Which of these is the best example of diminishing marginal utility?

Gold is extremely valuable because...

Quantity is a word that means

The amount of a good or service that people are willing and able to buy at various prices is...

If the price of printers decreased, then demand for ink would increase. This is an example of

As prices drop, demand should...

Price X Quantity sold =

In order to have demand, buyers must be both ________ and _______________ to buy

How well a producer can store their product which influences supply elasticity

What shows the relationship between price and the amount that buyers are willing to buy?

A demand schedule is a table that lists the...

When dealing with shifts, you should always graph the effect on supply or demand

The change in consumption resulting from a change in income is known as...

___ of supply is a measure of sensitivity of producers to a change in price

When a product is perceived to be a necessity, demand for it tends to be ___________________

A response to a change in price that can cause a change in the amount produced is known as...?

Normally, when the price of a good increases people will...

If only the price of a good or service goes up, there will be a shift in demand

Demand for products that have close substitutes tend to be

When prices go up, the law of supply says that quantity supplied will: