Demand correct answers the desire to own something and the ability to pay for it
Microeconomics correct answers the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
demand schedule correct answers
demand curve correct answers...
Unit 2 ECON(All answered)
Demand correct answers the desire to own something and the ability to pay for it
Microeconomics correct answers the study of the economic behavior and decision making of small units,
such as individuals, families, and businesses
demand schedule correct answers
demand curve correct answers a graphic representation of a demand schedule
Law of Demand correct answers consumers will buy more of a good when its price is lower and less
when its price is higher
Chance in quantity demanded correct answers
Income effect correct answers A movement along a given demand curve caused by a change in demand
price. The only factor that can cause a change in quantity demanded is price. A related, but distinct,
concept is a change in demand.
substitution effect correct answers when a consumer reacts to a rise in the price of one good by
consuming less of that good and more of a substitute good
change in demand correct answers a shift in consumer desire to purchase a particular good or service,
irrespective of a variation in its price. The change could be triggered by a shift in income levels,
consumer tastes, or a different price being charged for a related product.
normal goods correct answers goods that consumers demand more of when their incomes rise
inferior goods correct answers a good that consumers demand less of when their incomes increase
substitutes correct answers goods used in place of one another
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