Term
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Definition
| Desire, Ability, And Willingness To Buy A Product |
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Term
| What Is A Market Demand Curve? |
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Definition
| Illustrates Quantity That A Group Of People Will Demand Varies Depending On Prices |
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Term
| What Is A Individual Demand Curve? |
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Definition
| Illustrates Quantity That A Person Will Demand Varies Depending On Prices |
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Term
| What Is A Demand Schedule? |
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Definition
| Demand Curve In The Form Of A Schedule |
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Term
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Definition
| Price Change Proportional With Demand |
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Term
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Definition
| When Prices Drop There Is More Income To Spend |
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Term
| What Is Marginal Utility? |
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Definition
| Extra Satisfaction Out Of Getting One More Additional Product |
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Term
| What Is Diminishing Marginal Utility? |
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Definition
| With Each Product You Gain Satisfaction Decreases |
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Term
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Definition
| Quantity Demanded Goes Down When Price Goes Up |
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Term
| What Is Quantity Demanded? |
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Definition
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Term
| What Is The Substitution Effect? |
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Definition
| Price Can Cause Consumers To Substitute An Expensive Price For Cheaper Product |
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Term
| What Is Change In Demand? |
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Definition
| People Buy Different Amounts Of Product At Every Price |
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Term
| What Can Cause Change In Demand? |
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Definition
Income,
Tastes,
Price Relation,
Expectations,
Number Of Buyers |
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Term
| What Is Demand Elasticity? |
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Definition
Measurement Of Price Change Sensitivity,
Change In Price Causes Large Change In Demand |
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Term
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Definition
| If Change In Price Doesn't Change In Demand |
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Term
| How Do Demand Curves Always Curve? |
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Definition
Down And To The Right,
Because The Lower The Price The Higher The Demand |
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Term
| What Is The Formula For The Total Expenditures Test? |
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Definition
| Price Multiplied By Quantity Demanded |
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Term
| What Happens If The Change In Price Goes In The Opposite Direction of Change In Demand? |
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Definition
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Term
| What Happens If The Change In Price Goes In The Same Direction of Change In Demand? |
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Definition
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Term
| What Happens If The Change In Price and Change In Demand Are The Same? |
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Definition
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Term
| What Are The Determinants Of Demand Elasticity? |
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Definition
If Purchase Can Be Delayed
If There Are Adequate Substitutes
If It Uses A Large Portion of Income |
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Term
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Definition
| Goods You Only Get When You Have Low Income |
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Term
| If Population Doubles The Demand Curve Would Shift In What Direction? |
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Definition
| It Would Shift To The Right |
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Term
| If Population Was Halfed What Direction Would The Demand Curve Shift? |
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Definition
| It Would Shift To The Left |
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