normal good
complements
income effect
Key Terms
will not use all of the terms.
normal good
complements
income effect
demand curve
inelastic
inferior good
law of demand
unitary elastic
elastic
elasticity of demand
1. You would refer to a(n) — to find the
quantity that a person would purchase at
each price that could be offered in a market.
2. For a(n) -
-, a consumer's demand will
increase as his or her income increases.
3. The_ occurs when an increase in price
decreases a consumer's real income.
4. Demand for goods that are necessities is
usually
5. If the elasticity of demand of a good is
equal to 1, it is described as
6. According to the
when prices
increase, quantity demanded will decrease.
7. Two goods that are bought and used
together are
Answers: 3
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Key Terms
will not use all of the terms.
normal good
complements
income effect
normal good
complements
income effect
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