Ch 4
Quiz by scott markowitz
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18 questions
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- Q1the desire to own something and the ability to pay for itdemand30s
- Q2consumers will buy more of a good when its price is lower and less when its price is higherlaw of demand30s
- Q3when consumers react to an increase in a good's price by consuming less of that good and more of a substitute goodsubstitution effect30s
- Q4the change in consumption that results when a price increase causes real income to declineincome effect30s
- Q5a table that lists the quantity of a good a person will buy at various prices in a marketdemand schedule30s
- Q6a table that lists the quantity of a good all consumers in a market will buy at various pricesmarket demand schedule30s
- Q7a graphic representation of a demand scheduledemand curve30s
- Q8a Latin phrase that means "all things held under constraint" (or "all else being equal")ceteris paribus30s
- Q9a good that consumers demand more of when their income increasesnormal good30s
- Q10a good that consumers demand less of when their income increasesinferior good30s
- Q11the statistical characteristics of populations and population segments, especially when used to identify consumer marketsdemographics30s
- Q12two goods that are bought and used togethercomplements30s
- Q13goods that are used in place of one anothersubstitutes30s
- Q14a measure of how consumers respond to price changeselasticity of demand30s
- Q15describes demand that is not very sensitive to price changesinelastic30s