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CH 4 Review

CH 4 Review. Questions. Question 1. Which letter represents elastic demand?. Question 2. Which letter represents a demand schedule?. Question 3. Which letter represents a change in demand?. Question 4. Which letter represents unite elastic demand?. Question 5.

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CH 4 Review

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  1. CH 4 Review

  2. Questions

  3. Question 1 Which letter represents elastic demand?

  4. Question 2 • Which letter represents a demand schedule?

  5. Question 3 • Which letter represents a change in demand?

  6. Question 4 • Which letter represents unite elastic demand?

  7. Question 5 • Which letter represents a demand curve?

  8. Question 6 • Which letter represents a schedule showing change in quantity demanded?

  9. Question 7 • Which letter represents inelastic demand?

  10. Question 8 • Explain what demand means in economics?

  11. Question 9 • Describe a demand schedule and a demand curve and how they are alike?

  12. Question 10 • Explain why the demand curve is downward-sloping

  13. Question 11 • Describe the difference between a change in quantity demanded and and a change in demand

  14. Question 12 • Identify the 3 factors that can cause a change in the level of demand

  15. Question 13 • Explain how the principle of diminishing marginal utility is related to the downward-sloping demand curve

  16. Question 14 • Describe the difference between elastic and inelastic demand

  17. Question 15 • Explain how the total receipts test can be used to determine demand elasticity

  18. Question 16 • List the 3 determinants of demand elasticity and how it effects the demand curve

  19. Answers

  20. Answer 1 E

  21. Answer 2 B

  22. Answer 3 D

  23. Answer 4 G

  24. Answer 5 A

  25. Answer 6 C

  26. Answer 7 F

  27. Answer 8 • Demand in economics is knowing how the market economy works and aids in sound business practices

  28. Answer 9 • A demand schedule is a listing that shows the quantity demand at all prices in the market at a given time

  29. Answer 9 Cont. • A demand curve tells the quantity demanded at each and every price

  30. Answer 9 Cont. • The schedule present the information in table while the graph gives the same information in the form of a line

  31. Answer 10 • Because there will be more demand for a item the lower the price gets

  32. Answer 11 • Change in quantity demanded is a change in quantity due to a change in price

  33. Answer 11 Cont. • Change in demand is when demand changes even though prices does not

  34. Answer 12 • Consumer demand • Consumer taste • Prices of related products

  35. Answer 13 • Because with each additional product bought the utility becomes less so producers have to find other way to get customers to buy more

  36. Answer 14 • Elastic demand is when a small change in price creates a big change in demand

  37. Answer 14 Cont. • Inelastic demand is when a change in price causes a relatively small change in demand

  38. Answer 15 • By comparing and observing changes in total revenue/receipts when the price changes can then be tested for elasticity

  39. Answer 16 • Can the purchase be delayed? • Are adequate substitutes available? • Does the purchase use a large portion of income?

  40. Answer 16 Cont. • It changes the slope of the line

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