Question 44 pts If the price on one good rises, it will cause the demand curve o

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Question 44 pts

If the price on one good rises, it will cause the demand curve of its substitute good to ____.

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Question 54 pts

A change in supply as a result of technology is said to be a _____.

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Question 64 pts

A small change in price that creates a large change in demand is known as ____.

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Question 74 pts

A perfectly inelastic demand curve is said to be ____.

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Question 84 pts

Demand is said to be inelastic if it is ____.

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Question 94 pts

Upward movement along the supply curve means ____.

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Question 104 pts

When the demand for a good decreases, its price ____ and its quantity ____.

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Question 114 pts

Excess demand will cause prices to ____.

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Question 124 pts

Market equilibrium occurs when ____.

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Question 134 pts

A change in the price of a good ____ its supply curve and ____ a movement along its supply curve.

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Question 144 pts

The law of demand assumes ____ in regards to price elasticity of demand.

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Question 154 pts

Perfectly elastic supply assumes a change in price will cause ____.

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Question 164 pts

A substitute good will make demand for that good to be ____.

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Question 174 pts

The concept of consumer surplus assumes that consumers will be willing to pay ____.

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Question 184 pts

Producer surplus is based on the ____.

Explanation / Answer

44. Shift to the right - the substitute good becomes relatively cheaper

54. Change in supply - supply change due to any factor other than price results in shift in the supply curve.

64. Elastic Demand - by nature of definition

74. Vertically sloped - the demand curve is vertical straight line parallel to the y axis.

84. Less than 1 - by nature of definition

94. A rise in supply.

104. falls, decreases

114. rise

124. the quantity demanded equals the quantity supplied.

134. does not shift, causes

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