This is the relation showing the quantities of a good that consumers are willing and able to buy per period at various prices, other things constant.
What is DEMAND?
100
This measures how responsive quantity demanded is to a price change.
What is ELASTICITY OF DEMAND?
100
These are a consumers likes and dislikes.
What are TASTES?
100
A price change of...let's just say pizza...from $12 to $9 that causes the demand for pizza to increase from 14 million pizzas per week to 20 million pizzas per week leads to an elasticity of this. (round to the nearest tenth)
What is 1.7?
100
A decrease in your money income leads to this.
What is a SHIFT OF A DEMAND CURVE TO THE LEFT?
200
This is defined as "the quantity of a good demanded per period related inversely to its price, other things constant."
What is THE LAW OF DEMAND?
200
When elasticity is exactly 1.0, the elasticity of a product is said to be this.
What is UNIT ELASTIC?
200
This is caused by a change in price.
What is a MOVEMENT ALONG A DEMAND CURVE?
200
A price change of milk from $3.50 to $5.00 that causes a demand decrease from 20 to 16 shows that the elasticity of milk is this. (round to the nearest tenth)
What is 0.5?
200
A decrease in the price of Pepsi will lead to this in the demand for Coke.
What is a SHIFT IN THE DEMAND CURVE TO THE LEFT?
300
This is the amount demanded at a particular price.
What is QUANTITY DEMANDED?
300
The more broadly a good is defined, the fewer this there are and the less elastic the demand.
What are SUBSTITUTES?
300
This is an increase or decrease of demand resulting from a change in one of the determinants of demand other than the price of a good.
What is a SHIFT OF A DEMAND CURVE?
300
A price change of running shoes from $70 to $60 that leads to a change in demand from 40 to 50 consumers shows that the elasticity for running shoes is this. (round to the nearest tenth)
What is 1.8?
300
An increase in the number of babies in the population will cause this to the demand for diapers.
What is a SHIFT IN THE DEMAND CURVE TO THE RIGHT?
400
This is the change in total utility resulting from a one-unit change in consumption of a good.
What is MARGINAL UTILITY?
400
The elasticity of demand is greater in this because consumers have more time to adjust.
What is THE LONG RUN?
400
An increase in the price of milk will cause a decrease in the demand for cookies because milk and cookies are this?
What are COMPLEMENTS?
400
A price change of running shoes from $60 to $70 that leads to a change in demand from 50 to 40 consumers shows that the elasticity for running shoes is this. (round to the nearest tenth)
What is 1.2?
400
Expecting the price of gas to decrease tomorrow will cause this to the demand for gas today.
What is a SHIFT IN THE DEMAND CURVE TO THE LEFT?
500
This is the sum of the individual demand of all consumers in a market.
What is MARKET DEMAND?
500
Price multiplied by the quantity demanded at that price.
What is TOTAL REVENUE?
500
An increase in your money income will cause an increase in the demand for this type of good.
What are NORMAL GOODS?
500
A price decrease from $100 to $50 that leads to the a demand increase from 50 to 75 consumes shows a price elasticity of this. (round to the nearest tenth)
What is 1.0?
500
A discovery that the combination of cheese and tomato cause promotes overall health would lead to this in the demand for...lets say pizza.