Demand
If a change in one of the determinants of demand causes an increase in demand for a product, the demand curve will
Reviews or popularity tend to fall under what determinant
Tastes and Preferences
If the price of a good increased and people buy less we can assume that good is what, in economic terms.
It is a normal good
If the cost of resources to the producer fall, supply will
Increase
The amount of a product a consumer is willing and able to buy at various possible prices during a given time is called
Demand
Purchase of snow shovels after the forecast says snow is coming
Expectations
If a product is not a necessity, it will tend to have
Elastic Demand
If the government places a new tax on the producers of oil, the supply curve for oil will shift
Up (Left)
Demand for one item goes down when the price of another item goes up. These items must be
Complements
An increase in regulation will most likely result in what
Decrease in supply
A simple way to measure demand elasticity is through the
Price elasticity of demand (PED) Formula
when quantity demanded equals quantity supplied
Market is at equilibrium
If the income of the population decrease and good x sees a rise in demand, what can we assume about good x
It is an inferior good
List 3 determinants of Supply
Cost of Resources
Taxes, subsidies, and regulations
Technology
Competition..... Price of related goods
If the cost of the product represents a small portion of consumers' income, that product will tend to have
When a shortage exists in a market, price is
Raised
The tendency of consumers to replace a relatively more expensive product with a similar, lower-priced product is called the
Substitution effect
The demand of Halloween candy in November is low, what determinant is this attributed to
Tastes and Preferences
Name 2 goods that have inelastic supply
Agricultural Products
Unique or limited natural resources
Land
If the price of chainsaws increase, what will happen in the market of raw lumber. Graph it
Demand for raw lumber will decrease
Demand shifts to the left