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Economics Ch. 4

Prentis Hall Economics New Ulm

QuestionAnswer
If a firm knows that the demand for its product is inelastic at its current price, it knows that an increase in price will increase total revenue.
A life-saving medicine is an example of an inelastic demand.
For most goods, a rise in people's income means that there will be an increase in demand.
A drop in price will increase the quantity demanded of goods.
Total revenue is defined as the amount of money a company receives by selling its goods.
What factor would NOT cause the demand curve to change? price
When factors other than price cause demand to fall, the demand curve shifts to the left.
The substitution effect and the income effect affect how consumers change their spending patterns.
A measure of how consumers react to a change in price is known as the elasticity of demand.
If the elasticity of demand for a good at a certain price is greater than one, we describe demand as elastic.
Elastic demand comes from all of the following EXCEPT immediate need of a product.
The law of demand says the lower the price, the more consumers will buy.
What is determined by dividing the percentage change in quantity demanded by percentage change in price? elasticity.
Substitutes are goods used in place of one another.
If you keep buying despite a price increase, your demand is inelastic.
Economists measure consumption in the amount of a good that is bought.
A demand curve illustrates the quantities demanded at each price by consumers.
Generic cereal is an example of an inferior good.
Created by: gcowing
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