Economics Ch. 4 Word Scramble
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| Question | Answer |
| If a firm knows that the demand for its product is inelastic at its current price, it knows that an increase in price will | increase total revenue. |
| A life-saving medicine is an example of | an inelastic demand. |
| For most goods, a rise in people's income means that there will be an | increase in demand. |
| A drop in price will | increase the quantity demanded of goods. |
| Total revenue is defined as the amount of | money a company receives by selling its goods. |
| What factor would NOT cause the demand curve to change? | price |
| When factors other than price cause demand to fall, the demand curve | shifts to the left. |
| The substitution effect and the income effect | affect how consumers change their spending patterns. |
| A measure of how consumers react to a change in price is known as the | elasticity of demand. |
| If the elasticity of demand for a good at a certain price is greater than one, we describe demand as | elastic. |
| Elastic demand comes from all of the following EXCEPT | immediate need of a product. |
| The law of demand says | the lower the price, the more consumers will buy. |
| What is determined by dividing the percentage change in quantity demanded by percentage change in price? | elasticity. |
| Substitutes are goods | used in place of one another. |
| If you keep buying despite a price increase, your demand is | inelastic. |
| Economists measure consumption | in the amount of a good that is bought. |
| A demand curve illustrates the | quantities demanded at each price by consumers. |
| Generic cereal is an example of | an inferior good. |
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