Economics Semester 2 2018-19 part 2

A shift in demand happens when there is

The price of their goods will increase significantly in the near future, so the producers...

Inferior goods are...

Consumers affect demand by changing their minds about what they

inferior good: dmand dcreases when consumr income rises OR dmand increases whn income dcreases

Costs an organization must pay even if the firm is closed for the day

A demand is (blank) if a price increase causes little or no change in demand

The amt of product for sale at all prices at any time

Many hearing aid stores open when a HUGE amt of elderly ppl move to a town. the demand

A(n) (blank)is a thing that gives us pleasure but that we really do not need

Economists use the word (blank) to measure the impact of price on demand

Replacing human workers on an assembly line with machines increases production costs & supply

For the law of supply, as price increases

A movement ALONG the supply curve is caused by

When supply of a good is inelastic it

The extra output that results from +1 additional worker

Which of the following is a factor that can cause a change in supply?

Charlize moves from a very dry & sunny place to a very rainy & cloudy city. This could

The most profitable level of output (break even point)

According to the law of demand, what happens when price increases?