Economics Chapter 4, 5, 6 and 7

The law of demand is the result of not one pattern of behavior, but of two which are

The price of a goods multiplied by the quantity sold is defined as

A cost that rises or falls depending on how much is produced

Describes demand that is very sensitive to price change

_________ are goods that consumers demand less of when their incomes increase

If the price of butter goes up, margarine will as well go up.

How many deteminants of demand are there?

Companies spend millions of dollars on ___________ every single year

Generic cereals is an example of

A measurement of how consumers react to a change in price

Medicine such as dialysis is an example of

Name two examples of price discrimination

_________ is defined as the point at which quantity demanded and quantity supplied are equal

When quantity supplied is more than quantity demanded

A Luxury good is an example of

_____ is defined as when quantity supplied is not equal to quantity demanded in a market

The cost of labor and electricity bills are examples of

A ________________ shows the quantities demanded at each price by all consumers.

A demand curve always

An example of two compliment goods would be

How is economics defined?

When we move along the line (up or down) that is a best know as

Tendency of suppliers to offer more off a good at a higher price is defined as

___________ are goods that consumers demand more of when their incomes increase.

Significant barriers that prevent most firms from entering a market so that one supplier exists

If the price of jelly goes up, the price of peanut butter will go up, too

When the price of the iphone rises, I decide to buy an android. This is an example of

Investments are described as

Minimum wage is an example of

When graphing on the demand curve, the price of the good is always on the ________ axis

Rent control is an example of

_______ is the amount of goods available

When graphing on the demand curve, the quantity is always on the _______ axis

_____ is a cost that does not change, no matter how much of a good is produced

What are the two ways for stockholders to make a profit?

Describes demand that is not very sensitive to a change in price

Increase in populations will always shift the demand outward to the ______.

Consumers by more of a good when its price decreases and less when its price increases

When quantity demanded is more than quantity supplied

Who would you call if you wanted to purchase a stock in a company?

May exist in markets where it is most efficient for only one large firm to provide a product.

If you ever think that the price of something is about to go up, you're more likely to

True or False: If you know the price of a good will go down, you'll wait and buy it later

Property taxes, machinery repairs, and rent are examples of

The desire to own something and the ability to pay for it is defined as

This is an example of something that is inelastic

Consumers by more of a good when its price decreases and less when its price increases

The study of small businesses, families, and individuals

An example of a natural monopoly is

Focuses on bigger units, usually wheel countries in economics

A _____ is something like air, food, or shelter

There is always a ______ when buying a stock

Decrease in populations will always shift the demand inward to the ______.