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ECONOMICS CHAPTER 4 QUIZ REVIEW

Name:_______________________________

Date:___________  Period:_________
Across
Combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
Elasticity where a change in the independent variable (usually price) generates a proportional change of the dependent variable (quantity demanded or supplied)
Shown with an image or example
Listing showing the quantity demanded at all possible prices that might prevail in the market at a given time
Rule stating that more will be demanded at lower prices and less at higher prices
Movement along the demand curve showing that a different quantity is purchased in response to a change in price
The extent to which a change in the price causes a change in the quantity demanded
Type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied)
Competing products that can be used in place on one another
That portion of a change in quantity demanded caused by a change in a consumers's income when the price of a product changes
Products that increase the use of other products
Down
Branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Additional satisfaction or usefulness obtained form acquiring or consuming one more unit of a product
In the opposite way
The portion of a change in quantity demanded caused by a change in a consumer's income when the price of a product changes
Different amounts of a product are demanded at every price, causing the demand curve to shift to the left or to the right
Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
A measure of responsiveness that tells us how much a dependent variable, such as quantity demanded or quantity supplied, responds to a change in an independent variable such as price
Case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
Something that motivates
Related to a particular subject such as art, science, or trade