Easy Economics Test

3. describes demand whose elasticity is exactly equal to 1
5. when consumers react to an increase in a good's price by consuming less of that good and more of a substitute good
6. consumers will buy more of a good when its price is lower and less when its price is higher
8. a measure of how consumers respond to price changes
11. a good that consumers demand more of when their incomes increase
13. the amount of goods available
14. a graphic representation of a demand schedule
15. the total amount of money a company receives by selling goods or services
16. a table that lists the quantity of a good all consumers in a market will buy at various prices
18. describes demand that is very sensitive to a change in price
19. good that used in place of one another

1. a Latin phrase that means "all other things held constant"
2. describes demand that is not very sensitive to price changes
4. a good that consumers demand less of when their incomes increase
7. the desire to own something and the ability to pay for it
9. a table that lists the quantity of a good a person will buy at various prices in a market
10. the change in consumption that results when a price increase causes real income to decline
12. two goods that are bought and used together
17. the statistical characteristics of populations and population segments, especially when used to identify consumer markets