Price Elasticity of Demand

A complement example would be all except

• butter and margarine 
• peanut-butter and jelly
• flashlight and batteries 
• cameras and film 

When replacing a certain item with with a less costly item is an example of

• the substitution effect 
• the income effect 
• demand elasticity 
• complements 

An increase in the number of consumers can cause 

• the demand curve to shift left
• the demand curve to shift right 
• the demand curve to shift up
• diminishing returns 

when consumers have a need for a product that is urgent 

• the demand curve is inelastic 
• the demand curve is elastic 
• the demand curve is complementary 
• the demand curve is unit demand 

A graph showing the quantity demanded 

• demand curve
• marginal utility 
• demand 

The desire, ability and willingness to buy a product 

• Demand 
• Supply 
• Consume 

Water has seen an increase in demand 8% this summer, while the price has decreased 12%

• 1.5 inelastic

• 1.5 elastic

• .67 inelastic

• .67 elastic

Wheat has seen a decrease in demand of 5%, while the price has increased 7%

• 1.4 inelastic

• 1.4 elastic

• .71 inelastic

• .71 elastic

Oil has seen a decrease in demand of 9%, while the price has increased 13%

• 1.44 inelastic

• 1.44 elastic

• .69 inelastic

• .69 elastic

Ford Trucks have seen a increase in demand of 27%, while the price has decreased 15%

• .56 inelastic

• .56 elastic

• 1.8 inelastic

• 1.8 elastic