econ. supply and demand kahoot

A good whose Demand goes down when Income goes up is called a(n) ____________ Good.

inferior

Elastic Demand has a numerical value of

greater than 1

What Latin phrase in Economics means "all else being equal"?

ceteris paribus

Which good or service below would be the best example of Inelastic Demand?
A. Coffee
B. Coke
C. Lightbulbs
D. Yachts

C

The Law of Diminishing Marginal Returns is a factor in what area of markets?

supply

On a graph, any price point above Equilibrium is...

surplus

To Economists, Utility means...

satisfaction

Coffee is considered an Elastic Good because...

there's substitutes available

Demand's relationship to Price is...

inversely proportional

If there were a tax on import coffee beans, causing coffee prices to rise, the effect would be...

decrease in QD

If the Price of Smart Phones doubles, which would occur?

QS would increase

Unitary Demand has a numerical value of...

one

Consumer Surplus is graphically present...

above equilibrium and left of demand

The Real Income Effect is an Economic Law affecting...

demand

What would be the likely result in Demand for Grapes if the price of Oranges tripled?

demand would increase

What would likely happen in Demand for Hot Dog buns if the price of Hot Dogs went down 40%?

demand would increase

What is the term for one unit of Utility?

1 utile