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QR Challenge: Economics- Chapter 4 Review- Demand- Practice

QuestionAnswer
Define DemandWhen a consumer is able and willing to buy a good
The Interaction of Supply and Demand determinesthe price
What are inferior goods?Goods that don't follow the Income Effect
If prices will increase in the future, then current demand willIncrease
What does a Demand Schedule showquantities and prices demanded for GS
Describe what the Baby Boomers did to demand for Goods and ServicesEssay
When the demand for a product is inelasticEssay
What is the basic principle of the law of demandp goes up d down inverse
If prices increase what effect does it have on salaryessay
What term describes demand with an elasticity of less than 1?Elastic Demand
Define Substitute Good and give examplegood =elastic demand can be replaced
How does the Income effect change the demand for normal goodsEssay
Why are some goods called Inferior Goods?IGdo not follow the income effect.
What do we call goods that have substitutes and follow the Income effectNG
Explain the “Paradox of Value” and give two goods as examplesEssay

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