Demand Flashcard

Front

Which curve is typically upward sloping in a demand and supply graph?

Back

Supply

Front

On a graph, how does demand move?

Back

Downhill

Front

What concept limits the increase in demand despite lower prices?

Back

Diminishing marginal utility

Front

What happens to your desire for pizza as you consume more?

Back

It decreases

Front

Marginal utility

Back

Additional satisfaction

Front

What happens to the marginal utility of a product as more is consumed?

Back

It decreases

Front

Which of the following is NOT a characteristic of inelastic demand?

• Necessities
• Few substitutes
• Luxurious items
• Price changes do not affect demand

Back

Luxurious items

Front

What type of demand is associated with products that have many substitutes?

Back

Elastic demand

Front

Disposable income

Back

Money a person has after taxes

Front

What happens to areas losing population according to the document?

Back

Lower demand for goods