An actress sets off a craze for wearing camouflage clothing among her fans. What factor is affecting demand?
Economics – Chapter 4 Exam

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Social Studies
•
9th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
consumer taste
2.
FLASHCARD QUESTION
Front
How is total revenue calculated? Options: multiplying price by change in demand, multiplying price by quantity sold, multiplying change in price by change in quantity demanded, multiplying change in price by quantity sold
Back
multiplying price by quantity sold
3.
FLASHCARD QUESTION
Front
What do business owners use to gather information for market demand schedules?
Back
market research
4.
FLASHCARD QUESTION
Front
Which of the following describes a demand curve? It is a horizontal line. It slopes downward from left to right. It slopes downward from right to left. It is bow-shaped.
Back
It slopes downward from left to right.
5.
FLASHCARD QUESTION
Front
Which economic concept is defined as the measure of how responsive consumers are to price change?
Back
elasticity of demand
6.
FLASHCARD QUESTION
Front
What term is defined as the change in the amount consumers will buy because they can buy a different product instead?
Back
substitution effect
7.
FLASHCARD QUESTION
Front
What term is defined as goods that consumers demand more of when their incomes rise?
Back
normal goods
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