Economics Flashcard

Front

__________ - Product related in such a way that an increase in price of one reduces the demand for the other. (Ex. Milk and Cereal)

Back

Substitute

Front

__________ - Product related in such a way that an increase in the price of one increases the demand for the other product.

Back

Complementary

Front

__________ - The amount that people are willing and able to purchase.

Back

Demand

Front

Which term refers to a changing price that causes a proportional change in total revenue? Options: Elastic, Unit Elastic, Inelastic, Total Expenditures

Back

Unit Elastic

Front

Which is likely to complement a new iPad?

Back

Apps

Front

Which of the following is an influence of demand? Substitutes, Consumer Income, Product Expectations, All the above

Back

All the above

Front

Which factor is not an influence of demand? Substitutes, Consumer Income, Product Expectations, Weather

Back

Weather

Front

What is the total revenue if Sebastian sells funnel cakes at $3.75 each and sells 200 cakes?

Back

$750

Front

What is the total revenue if Sebastian sells funnel cakes at $4.50 each and sells 150 cakes?

Back

$675

Front

Demand for a commodity refers to

Back

the quantity of the commodity demanded at a certain price during any particular period of time.