economics mr. bordelon demand review. multiple choice 1. the law of demand says a. the higher the...
TRANSCRIPT
![Page 1: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/1.jpg)
EconomicsMr. Bordelon
Demand Review
![Page 2: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/2.jpg)
Multiple Choice1. The law of demand says
A. the higher the price, the more consumers will buy.B. the lower the price, the less consumers will buy.C. the lower the price, the more consumers will buy.D. the lower the price, the more consumers will substitute.
![Page 3: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/3.jpg)
Multiple Choice1. The law of demand says
A. the higher the price, the more consumers will buy.B. the lower the price, the less consumers will buy.C. the lower the price, the more consumers will buy.D. the lower the price, the more consumers will substitute.
![Page 4: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/4.jpg)
Multiple Choice2. A drop in price will
A. increase the demand for goods.B. decrease the demand for goods.C. not affect the demand for goods.D. not affect the law of demand.
![Page 5: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/5.jpg)
Multiple Choice2. A drop in price will
A. increase the demand for goods.B. decrease the demand for goods.C. not affect the demand for goods.D. not affect the law of demand.
![Page 6: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/6.jpg)
Multiple Choice3. Which of the following describes the
substitution effect?A. As the price of a good falls, people will substitute other products.B. As the price of a good rises, people will substitute other products.C. As demand rises, people will substitute other products.D. As demand falls, people will substitute other products.
![Page 7: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/7.jpg)
Multiple Choice3. Which of the following describes the
substitution effect?A. As the price of a good falls, people will substitute other products.B. As the price of a good rises, people will substitute other products.C. As demand rises, people will substitute other products.D. As demand falls, people will substitute other products.
![Page 8: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/8.jpg)
Multiple Choice4. A demand curve illustrates
A. the differences in price charged by different stores.B. the quantities demanded at each price by consumers.C. the differences in demand for different products.D. the products which are most in demand.
![Page 9: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/9.jpg)
Multiple Choice4. A demand curve illustrates
A. the differences in price charged by different stores.B. the quantities demanded at each price by consumers.C. the differences in demand for different products.D. the products which are most in demand.
![Page 10: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/10.jpg)
Multiple Choice5. For most goods, a rise in people’s income
means that there will beA. a substitution effect.B. a rise in prices.C. an increase in demand.D. a decrease in demand.
![Page 11: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/11.jpg)
Multiple Choice5. For most goods, a rise in people’s income
means that there will beA. a substitution effect.B. a rise in prices.C. an increase in demand.D. a decrease in demand.
![Page 12: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/12.jpg)
Multiple Choice6. Which of the following is NOT an example
of complements?A. skis and ski bootsB. row boat and oarsC. electric shaver and charging cordD. calculator and cell phone
![Page 13: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/13.jpg)
Multiple Choice6. Which of the following is NOT an example
of complements?A. skis and ski bootsB. row boat and oarsC. electric shaver and charging cordD. calculator and cell phone
![Page 14: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/14.jpg)
Multiple Choice7. Substitutes are
A. goods that are bought and used together.B. goods used in place of one another.C. goods that cannot be replaced.D. goods which cause a shift in the demand curve.
![Page 15: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/15.jpg)
Multiple Choice7. Substitutes are
A. goods that are bought and used together.B. goods used in place of one another.C. goods that cannot be replaced.D. goods which cause a shift in the demand curve.
![Page 16: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/16.jpg)
Multiple Choice8. If you keep buying despite a price
increase, your demand isA. elastic.B. strong.C. normal.D. inelastic.
![Page 17: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/17.jpg)
Multiple Choice8. If you keep buying despite a price
increase, your demand isA. elastic.B. strong.C. normal.D. inelastic.
![Page 18: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/18.jpg)
Multiple Choice9. Which of the following is an example of a
good with inelastic demand?A. life-saving medicineB. television setsC. computersD. a particular brand of chewing gum
![Page 19: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/19.jpg)
Multiple Choice9. Which of the following is an example of a
good with inelastic demand?A. life-saving medicineB. television setsC. computersD. a particular brand of chewing gum
![Page 20: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/20.jpg)
Multiple Choice10. Total revenue is defined as
A. the amount of profit a company makes.B. the amount of profit a company makes after paying taxes.C. the amount of money a company makes by selling its goods.D. the amount of money affected by price elasticity.
![Page 21: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/21.jpg)
Multiple Choice10. Total revenue is defined as
A. the amount of profit a company makes.B. the amount of profit a company makes after paying taxes.C. the amount of money a company makes by selling its goods.D. the amount of money affected by price elasticity.
![Page 22: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/22.jpg)
Key TermsYou would refer to a(n) _____ to find the
quantity that a person would purchase at each price that could be offered in a market.
![Page 23: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/23.jpg)
Key TermsYou would refer to a demand curve to find
the quantity that a person would purchase at each price that could be offered in a market.
![Page 24: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/24.jpg)
Key TermsFor a(n) _____, a consumer’s demand will
increase as his or her income increases.
![Page 25: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/25.jpg)
Key TermsFor a normal good, a consumer’s demand
will increase as his or her income increases.
![Page 26: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/26.jpg)
Key TermsThe _____ occurs when an increase in price
decreases a consumer’s real income.
![Page 27: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/27.jpg)
Key TermsThe income effect occurs when an increase
in price decreases a consumer’s real income.
![Page 28: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/28.jpg)
Key TermsDemand for goods that are necessities is
usually _____.
![Page 29: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/29.jpg)
Key TermsDemand for goods that are necessities is
usually inelastic.
![Page 30: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/30.jpg)
Key TermsIf the elasticity of demand of a good is
equal to 1, it is described as _____.
![Page 31: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/31.jpg)
Key TermsIf the elasticity of demand of a good is
equal to 1, it is described as unitary elastic.
![Page 32: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/32.jpg)
Key TermsAccording to the _____, when prices
increase, demand will decrease.
![Page 33: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/33.jpg)
Key TermsAccording to the law of demand, when
prices increase, demand will decrease.
![Page 34: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/34.jpg)
Key TermsTwo goods that are bought and used
together are _____.
![Page 35: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/35.jpg)
Key TermsTwo goods that are bought and used
together are complements.
![Page 36: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/36.jpg)
Key TermsInferior goodsLaw of demandElasticElasticity of demand
![Page 37: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/37.jpg)
Main IdeasDescribe the substitution effect in your own
words, and give one example.
![Page 38: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/38.jpg)
Main IdeasThe substitution effect occurs when a
consumer reacts to a rise in the price of one good by consuming less of that good and more of a cheaper substitute. An example is using the generic brand of a good when the name brand version goes up in price.
![Page 39: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/39.jpg)
Main IdeaList and describe three causes for shifts in
the demand curve.
![Page 40: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/40.jpg)
Main IdeasChange in incomeChange in consumer expecationsChange in populationChange in consumer tastes and advertising
![Page 41: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/41.jpg)
Main IdeasWhat are four factors that affect elasticity?
![Page 42: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/42.jpg)
Main IdeasAvailability of substitutesRelative importanceNecessity v. LuxuryPrice change over time
![Page 43: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/43.jpg)
QuestionsWill there always be a demand for inferior
goods? How could demand for an inferior good decrease?
Agree or disagree: An increase in income will shift the demand curve for a normal good to the left.
![Page 44: Economics Mr. Bordelon Demand Review. Multiple Choice 1. The law of demand says A. the higher the price, the more consumers will buy. B. the lower the](https://reader030.vdocuments.us/reader030/viewer/2022032723/56649d135503460f949e761d/html5/thumbnails/44.jpg)
Demand ScheduleDemand Schedule
Service
Urban Rural
10
$20
$30
$10
$20
$30
Lawn
15
8 2 82 71 42
Taxi
84
78 37 10 8 1
Hair
92
61 18 88 57 19
How many urban residents would take a taxi that costs $20?
Which service has equally low demand in both regions at $30?
Compare taxi rides. What reason could there be for such different demands in different areas?
Which service has inelastic demand in both areas?