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An increase in the price of electricity will: a. increase the demand for kerosene heaters. b. increase the demand for light bulbs. c. increase the demand for stereos. d. increase the demand for TVs.
Demand is defined as an economic term that refers to a customer's ability to purchase goods and services and the ability to pay a premium for a given commodity or service....
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Demand Review: fill in the <i>blank</i> 3) Demand Curve - graph showing the ______ ______ at each price. 4) Law of Demand - quantity demand of product varies ( intensely/ directly) with price.
3) quantity demanded 4) directly
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Demand Review: (pick one) 13) With introduction of calculator, the demand for the slide rule (increase/decrease) and demand curve for slide rules shifted (right/left)
With introduction of calculator, the demand for the slide rule decreased and demand curve for slide rules shifted left.
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Demand Review: (pick one) 14) If there is “decrease in price of butter”, then demand for its substitute margarine will (increase/decrease). This is a (direct/inverse) relationship.
14) If there is “decrease in price of butter”, then demand for its substitute margarine will decrease. This is a direct relationship.
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Demand Review: (pick one) 15) If there is decrease in price of computers, then the demand for complement software will (increase/decrease). This is (direct/inverse) relationship.
If there is decrease in price of computers, then the demand for complement software will increase. This is inverse relationship.
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Demand Review: (pick one) 16) If there is a decrease in price of razor handles, then demand for complement razor blades will (increase/decrease).
Increase
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Demand Review: (pick one) 19) Elastic Demand - a change in price cause a (smaller/larger) change in QD. 20) Inelastic Demand- a change in price causes a (smaller/larger) change in QD.
19) Elastic Demand - a change in price cause a (smaller/larger) change in QD.20) Inelastic Demand- a change in price causes a (smaller/larger) change in QD.
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Demand Review: (pick one) 23) Total revenue (increase/decrease) if an elastic products price decreases. 24) Total revenue (increase/decrease) if an inelastic products price decreases.
23) Total revenue increase if an elastic product's price decreases.24) Total revenue decrease if an inelastic product's price decreases.
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Demand Review: (pick one) 29) A decrease in price of IFuzzy iWuzzys will result in a (decrease/increase) in (D/QD). 30) A decrease in income will cause an (increase/decrease) in (D/QD) for spam.
29) A decrease in price of IFuzzy iWuzzys will result in an increase in QD.30) A decrease in income will cause an decrease in D for spam.
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Demand Review: ( pick one) Economists announce that unemployment rate will increase over the next six months. The demand for new homes will (increase/decrease). Which determinant causes this change?
If economists announce that unemployment rate will increase over the next six months, then the demand for new homes will decrease.This change is caused by the expectations of possible decrease...
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