Micro 2.1-Demand Skills Check

Last updated 8 months ago

7 questions

Micro 2.1-Demand Skills Check

Last updated 8 months ago

7 questions

Remember....a buyer/consumer of a good or service is ONLY considered a buyer/consumer if they meet the following 2 conditions:

1. They are willing to buy a G or S.
2. They are able to buy a G or S.

A demand schedule shows...how much of a good or service consumers are _______ and _______  to buy at different prices. (1 word for each blank)

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Match the definition to the term.

Draggable item		Corresponding Item
______________________________ is price multiplied by the quantity demanded at that price.		Demand
The demand for a(n) ______________________________ decreases as money income increases.		Law of Demand
______________________________ are your likes and dislikes as a consumer.		Buyer Expenditure
The demand for a(n) ______________________________ increases as money income increases—that is, the demand curve shifts rightward when consumer income increases.		Normal Good
Products that can be used in place of each other are called ______________________________.		Inferior Good
______________________________ indicates how much of a product consumers are both willing and able to buy at each price during a given time period, other things constant.		Substitutes
A change in price of a good, other things constant, causes a ______________________________ a demand curve for that good.		Tastes & Preferences
The ______________________________ says that quantity demanded varies inversely with price, other things constant.		Movement Along

Assume this is the market for tomatoes.

The price of cheese, a complement for tomatoes, has decreased
Increase in buyer income and tomatoes are inferior
Tomatoes go on sale TOMORROW at the local farmer's market
A new news headline, "Tomatoes are good for you!"
Decrease in consumer income and tomatoes are a normal good
Increase in consumer income and tomatoes are a normal good
Increase in Price of Tomatoes
Decrease in Price of Tomatoes
The price of pesto, a substitute for tomatoes, has increased
Decrease in buyer income and tomatoes are inferior
Increase in the number of buyers of tomatoes
Consumers expect the price of tomatoes to be higher in the future
Decrease in the number of buyers of tomatoes
A recent article linking tomatoes to acid reflux

Increase in Demand for Tomatoes
Decrease in Demand for Tomatoes
Increase in Quantity Demand for Tomatoes
Decrease in Quantity Demand for Tomatoes

Micro 2.1-Demand Skills Check

Micro 2.1-Demand Skills Check

According to the Law of Demand, as price rises, the ___________ _____________ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Match the definition to the term.

Assume this is the market for tomatoes.

According to the Law of Demand, as price rises, the ___________ _____________ falls. 2 words

A change in demand is a shift of the demand curve.

A shift of the demand curve is NOT the same thing as a movement along the demand curve.

Your Individual Demand Curve is ________________ summed with your friend's Individual Demand Curve to make a market demand curve. (1 word)

Match the definition to the term.

Assume this is the market for tomatoes.

According to the Law of Demand, as price rises, the _ ___ falls. 2 words

According to the Law of Demand, as price rises, the _ ___ falls. 2 words