Please check to see if my answers are correct.
Complete each sentence by choosing the correct answer from the list of terms below. You will not use all of the terms.
*normal good
*complements
*income effect
*demand curve
*ineleastic
*inferior good
*law of demand
*unitary elastic
*elastic
*elasticity of demand
1. You would refer to a(n) __________ to find the quantity that a person would purchase at each prices that could be offered in a market.
-demand curve
2. For a(n) ________, a consumer's demand will increase as his or her income increases.
-normal good
3. The ________ occurs when an increase in price decreases a consumer's real income.
-income effect
4. Demand for goods that are necessities is usually ____________.
-inelastic
5. If the elasticity of demand of a good is equal to 1, it is described as ___________.
-unitary elastic
6. According to the _________, when prices increase, demand will decrease.
-law of demand
7. Two goods that are bought and used together are ___________.
-complements
4 answers
2. Normal good
3
4. Elasticity of demand
5. Unitary elastic
6.
7. Complements
1 answer