Chapter 5 Review for Test
When a consumer is able and willing to buy a good or service, he or she creates which of the following?
How is future price related to current demand?
What does it mean when the demand for a product is inelastic?
What is a basic principle of the law of demand?
What factors cause a shift in the demand curve?
Give an example of a good with an inelastic supply if the factors impacting elasticity are "time needed to
adjust to a price change" and "storage capacity"?
In the summer, a sharp rise in the price of lemonade may lead to an increase in the demand for iced tea.
The demand shifter in this case is...
Quantity demanded moves along the demand curve in response to changes in...
What is most likely to happen to demand for clothes in a clothing store when blizzards keep customers at