1set Flashcards
(17 cards)
What determined the price and the quantity produced of most goods
The interaction of supply and demand
When a consumer is able and willing to buy a good or service, he or she created which of the following?
Demand
What are inferior goods
Goods for which the demand falls when income rises
How is future price related to current demand
If the price is expected to rise, current demand will rise
What determines how a change in prices will affect total revenue for a company
Elasticity of demand
What kind of system is the United States economy based on
Market
Ceteris paribus, or “all other things held constant,” is an assumption that had which of the following effects on a demand schedule?
It takes only prices into account
What shows the quantities of products demanded at each price by all consumers in a market
A market demand schedule
What kind of table lists the quantity of good that a person will buy at different prices
Demand schedule
What is a basic principle of the law of demand
When a goods price is lower, people will buy more of it
How is the current demand for I get related to it’s future price
If the price is expected to drop current demand will fall
Which of the following is a good that might not be but when prices rise
Luxury
What kind of demand changes would be expected in the demand of the country that is growing population
A rise in the demand for shelter
What is the company’s total revenue
Them out a company receives selling goods goods
When prices rise which of the following happens to income
It buys less
Which of the following good to be likely to be by in the same quantity even if it devoted price
Pencils
Demand for movie rentals is highly elastic a video store that raises the price of a rental will
Possibly gain or lose revenue
