Chapter 4 Economics Quiziz Review

different amounts of a product are demanded at every price, causing the demand curve to shift to the left or the right

• Change in Demand

• Change in Quantity Demanded

• Complements

• Demand CUrve

movement along the demand curve showing that a different quantity is purchased in response to a change in price

• Change in Demand

• Change in Quantity Demanded

• Complements

• Demand CUrve

products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both

• Change in Demand

• Change in Quantity Demanded

• Complements

• Demand CUrve

graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

• Change in Demand

• Change in Quantity Demanded

• Complements

• Demand CUrve

combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment

• Demand

• Demand Elasticity

• Inelastic

• Law of Demand

the extent to which a change in price causes a change in the quantity demanded; demand elasticity has three cases: elastic, inelastic, or unit elastic

• Demand

• Demand Elasticity

• Inelastic

• Law of Demand

case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)

• Demand

• Demand Elasticity

• Inelastic

• Law of Demand

rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded

• Demand

• Demand Elasticity

• Inelastic

• Law of Demand

additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product

• Marginal Utility

• Change in Quantity Demanded

• Complements

• Substitution Effect

the portion of a change in quantity demanded that is due to a change in the relative price of the good

• Substitution Effect

• Change in Quantity Demanded

• Complements

• Marginal Utility