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Demand
Supply
Price
Elasticity
Vocabulary
True or False
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A 1 For $100
Answer
Utility (satisfaction)
decreases as more of the
same product is consumed.
Question
What is the law
of diminishing
marginal utility?
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A 2 For $200
Answer
A table that lists the quantity of a
good that a person will purchase
at each price in the market.
Question:
What is a
demand
schedule?
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A 3 For $300
Answer
Any movement along a
stable demand curve.
Question:
What is a change
in quantity
demanded.
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A good that consumers
demand more of when their
income increases.
Question:
What is a normal
good?
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Two goods that are bought
and used together.
Question:
What are
complementary
goods?
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It is what drives the supplier’s
decision.
Question:
What is profit?
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The change in output from
hiring one additional unit
of labor.
Question:
What is marginal
product of labor?
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A cost that does not
change, no matter how
much of a good is
produced.
Question:
What is a fixed
cost?
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Output
Fixed cost
Variable cost
1
$5
$10
2
$5
$27
3
$5
$55
4
$5
$91
5
$5
$145
Answer
The Marginal cost of a third unit of output.
Question:
What is 28?
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A government payment or
discount loan that supports
a business or market.
Question:
What is a
subsidy?
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C 1 For $100
Answer
Substitutions v. no substitution
Necessity v. luxuries
Expensive v. inexpensive
Durability v. non-durable
Question:
What are the
factors that
affect demand
elasticity?
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Answer
A person who sends half their
budget on clothing, will have this
demand for clothing.
Question:
What is elastic?
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It is the key factor for
determining whether
the supply of a good
will be elastic or
inelastic.
Question:
What is time?
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A demand curve
(line) that is more
vertical than others is
said to be this.
Question:
What is
inelastic?
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Milk and insulin tend to be
this cause people will buy
them regardless of the price.
Question:
What is inelastic?
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When consumers react to
an increase in a goods price
by consuming less of that
good and more of other
goods.
Question:
What is the
substitution
effect?
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The change in consumption
resulting from a change in
real income.
Question:
What is the
income effect?
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A good that consumers
demand less of when their
incomes increase.
Question:
What is an
inferior good?
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A Latin phrase that
means “all other things
held constant.”
Question:
What is ceteris
paribus?
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Answer
It describes demand whose
elasticity is exactly equal to
one.
Question:
What is unitary
elastic?
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To have demand for a
good, you must be willing
and able to buy it at the
specified price.
Question:
What is true?
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The market demand curve
is only accurate for one
very specific set of market
conditions.
Question:
What is true?
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Because most consumers
cannot respond quickly to
price changes, their demand
is inelastic in the short
term.
Question:
What is true?
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An excise tax decreases
production cost by
deducting an extra cost for
each unit sold.
Question:
What is false?
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E 5 For $500
Answer
During periods of inflation,
the value of cash in a person’s
pocket increases from day to
day as prices rise.
Question:
What is false ?
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