Econ

What is the relationship of a price and the quantity people are willing to buy?

• Scarcity

• Demand

• Barter

• Want

What is this called?

• Table of Demand

• Demand curve

• Price production frontier

• Demand schedule

Price changes cause [__] along the demand curve.

• Substitution

• Movement

• Shrinkage

Price has a [__] relationship with demand.

• Positive

• Negative

When people have more money, they buy less of...

• Substitute goods

• Imported goods

• Inferior goods

• Luxury goods

What type of factors shift the whole demand curve?

• Exogenous

• Endogenous

PED =

• demanding quantity / % change in price

• % price change / % demand change

• % change in quantity demanded / % change in price

• % change in demand / price

Who wrote Inquiry to the Wealth of Nations?

• Adam Smith

• John Smith

• Simon Kuzneks

• John Keynes

Which of the following is traded in a highly competitive market?

• Insulin

• Diamonds

• Currency

What do you call a series of competitive price cuts which severly lower the market price?

• Price discrimination

• Price war

• Tragedy of the Commons

• Price shift