Supply and Demand Test

the amount of money a company receives by selling its goods

• Total Revenue

• Expense
• Cost
• Elastic

Demand is the ____ and ____ of consumers to purchase a good or service.

• desire and need
• interest and preference
• capacity and choice
• willingness and ability

when a good’s price is lower, consumers will buy more of it

• Total Revenue

• Uniform Demand

• Law of Demand

• Law of Supply

a table that lists the quantity of a good that a person will purchase at various prices

• demand schedule
• price list
• market demand curve
• money schedule

takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good

• Income effect
• Price elasticity
• Demand curve shift
• Substitution effect

a graphical representation of a demand schedule

• Supply curve
• Demand curve
• Price elasticity graph
• Market equilibrium chart

demand that is very sensitive to change (buy more as price falls)

• Inelastic demand
• Substitution Effect

• Total Revenue

• Elastic demand

demand that is not very sensitive to price changes (buy the same amount after a price increase)

• Inelastic demand
• Substitution Effect

• Total Revenue

• Elastic demand

Is Gas Elastic or Inelastic

• Elastic
• Inelastic

• Both

• Neither

the amount of a good or service that is available

• demand
• supply
• price
• cost