Supply & Demand

When a good is more elastic, it means that the buying habits of the good

• Stays constant

• Changes greatly

Gas is an example of which type of good?

• Inelastic

• Elastic

True or False: A change is price is the only thing that affects movement along the demand curve.

• True

• False

Movement along the curve is a

• Change in Quantity Demanded

• Change in Demand

When the demand curve shifts left, that means demand what?

• Increased

• Decreased

Which of the following is NOT a determinant of demand?

• Income

• Tastes and Advertising

• Price of the Final Good

• Price of Related Goods

What happens to demand when a company stops advertising for their good?

• Increases

• Decreases

You just got a pay raise. How are TVs (normal goods) affected?

• The quantity demanded increases

• The quantity demanded decreases

• The demand increases

• The demand decreases

The price of tables increases. How are tables affected?

• The quantity demanded increases

• The quantity demanded decreases

• The demand increases

• The demand decreases

Many people start moving away from Kalamazoo. How is housing affected?

• The quantity demanded increases

• The quantity demanded decreases

• The demand increases

• The demand decreases