Summary
Summary economics - demand
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Law of Demand,ceteris paribus, demand curve, income effect, substitution efffect.
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Available practice questions
Economics Demand - 10 questions
Flashcards
10 Flashcards
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Flashcards
10 Flashcards
$3.30
0 sales
Some examples from this set of practice questions
1.
What is the income effect?
Answer: Change of consumption based on income.
2.
What is substitution effect?
Answer: An decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when the price of the product rises
3.
What are the 5 major factors for a shift in the supply curve?
Answer: 1. Income 2. Trends 3. Price 4. Expectations of the product or service 5. Population size
4.
What is ceteris paribus?
Answer: All other things will stay the same or stay equal
5.
What causes an shift to the right in the demand curve?
Answer: An increase in demand, such as an promotion on an product
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