1. Which of the following best describes the following scenario: when prices are lower, consumers will buy more; when prices are higher, consumers will buy less. 

1. When consumers react to an increase in a good’s price by consuming less of one good and more of other goods is known as the:

1. How consumers will cut back or increase their quantity demanded for a product when prices rise or fall is known as: 

1. Inelastic Demand is where changes in price cause a drastic change in quantity demanded. 

1. Consumer Tastes represents how the changes in popularity changes the dollar vote of the consumer. 

1. When consumers continue to purchase goods and services regardless of a price change in an example of Inelastic Demand. 

1. Which of the following is a table that lists the quantity of a good that an individual will purchase at each price in a market? 

1. Which of the following lists the quantity of a good that ALL consumers will purchase at each price in the market? 

1. Santa Clara, California is hosting this year’s Super Bowl, bringing in countless visitors to their economic area. Which of the following is true? 

1.  What is the graphical representation that shows the relationship between the price of a good or service and the quantity that consumers are willing and able to purchase at various prices, over a specific period of time, holding other factors constant? 

1.  A _____________ is a product whose demand increases when consumer income rises. 

1.  A _____________ is a product whose demand decreases as a consumer’s income increases. 

1. A boy made extra cash by selling his basketball shoes. With his increase in income, he wants to splurge. Instead of buying a new jacket at Wal-Mart, he will instead buy one from the Nike Outlet Store. The Nike jacket is an example of a: 

1. A girl started a new job at Braum’s. With her new increase in income, she no longer wants to buy Great Value cereal and will instead buy name-brand Cinnamon Toast Crunch. The Great Value cereal is an example of: 

1.  _______________ refers to goods or services that are typically consumed together, meaning the demand for one increases when the price of the other decreases, and vice versa. 

1.  _______________ refers to goods or services that can be used in place of each other to satisfy a similar need or desire. 

A girl is upset about the price of Coca-Cola rising from $2.00 to $3.50. She turns to Pepsi who has kept their original price of $2.00. This is a case of: 

A girl just purchased the new iPhone 17 Pro Max. Unfortunately, the charger no longer comes with the phone and she has to purchase it separately. The charger is an example of what to the iPhone? 

1.  A couple years ago, a boy was a huge fan of Puma. Now-a-days, he prefers to wear Adidas. This is an example of: 

1.  Consumers feel richer when prices drop and poorer when prices rise. Both of these affect the _____________ of a product. 

1.  Movement along the demand curve is caused by a change in the _______ of a product. 

1.  What is the study of the economic behavior and decision making of small units, such as individuals, families, and firms?