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Elastic
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Substitutes
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Inferior Good
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Unitary Elastic
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Substitution Effect
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Law of Demand
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Quantity Supplied
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
Demand
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
Describes demand whose elasticity is exactly equal to 1
consumers buy more of a good when its price decreases and less when its price increases
The desire to own something and the ability to pay for it
Goods used in place of one another
the amount a supplier is willing and able to supply at a certain price
Describes demand that is very sensitive to a change in price
a good that consumers demand less of when their incomes increase
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