A demand schedule shows...how much of a good or service consumers are
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 | arrow_right_alt | Corresponding Item |
|---|---|---|
______________________________ are your likes and dislikes as a consumer. | arrow_right_alt | Demand |
Products that can be used in place of each other are called ______________________________. | arrow_right_alt | Law of Demand |
A change in price of a good, other things constant, causes a ______________________________ a demand curve for that good. | arrow_right_alt | Buyer Expenditure |
The demand for a(n) ______________________________ decreases as money income increases. | arrow_right_alt | Normal 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. | arrow_right_alt | Inferior Good |
______________________________ is price multiplied by the quantity demanded at that price. | arrow_right_alt | Substitutes |
The ______________________________ says that quantity demanded varies inversely with price, other things constant. | arrow_right_alt | Tastes & Preferences |
The demand for a(n) ______________________________ increases as money income increases—that is, the demand curve shifts rightward when consumer income increases. | arrow_right_alt | Movement Along |
Assume this is the market for tomatoes.
Consumers expect the price of tomatoes to be higher in the future
Increase in Price of Tomatoes
Increase in the number of buyers of tomatoes
Tomatoes go on sale TOMORROW at the local farmer's market
Decrease in Price of Tomatoes
Increase in buyer income and tomatoes are inferior
A new news headline, "Tomatoes are good for you!"
Decrease in buyer income and tomatoes are inferior
The price of pesto, a substitute for tomatoes, has increased
The price of cheese, a complement for tomatoes, has decreased
A recent article linking tomatoes to acid reflux
Increase in consumer income and tomatoes are a normal good
Decrease in consumer income and tomatoes are a normal good
Decrease in the number of buyers of tomatoes
Increase in Demand for Tomatoes
Decrease in Demand for Tomatoes
Increase in Quantity Demand for Tomatoes
Decrease in Quantity Demand for Tomatoes