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dictates how drastically buyers will cut back or increase their demand for a good when the price rises or falls
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is demand for a good that you will keep buying despite a price increase
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Economics Ch 4

Economics Ch 4 12th Grade

QuestionAnswer
dictates how drastically buyers will cut back or increase their demand for a good when the price rises or falls elasticity of demand
is demand for a good that you will keep buying despite a price increase inelastic
when you buy much less of a good after a small price increase elastic
when elasticity is exactly equal to 1 unitary elastic
the amount of money a company receives after selling its goods total revenue
are goods that consumers demand more of when their income increases normal goods
they are called inferior goods because an increase in income causes demand for these goods to fall inferior goods
are goods that are bought and used together: skis and boots complements
substitutes are goods used in place of one another
the higher the price of pizza, the fewer slices people will buy law of demand
eating salad or tacos instead of pizza when the price of pizza goes up substitution effect
buying fewer slices of pizza when rising prices reduce real income income effect
a table that lists the quantities of a good a person is willing to buy at each price demand schedule
a table that lists the quantities of a good demanded by all consumers at each price market demand schedule
a graphic representation of a demand schedule demand curve
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