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| Question | Answer |
| Define Demand | When a consumer is able and willing to buy a good |
| The Interaction of Supply and Demand determines | the price |
| What are inferior goods? | Goods that don't follow the Income Effect |
| If prices will increase in the future, then current demand will | Increase |
| What does a Demand Schedule show | quantities and prices demanded for GS |
| Describe what the Baby Boomers did to demand for Goods and Services | Essay |
| When the demand for a product is inelastic | Essay |
| What is the basic principle of the law of demand | p goes up d down inverse |
| If prices increase what effect does it have on salary | essay |
| What term describes demand with an elasticity of less than 1? | Elastic Demand |
| Define Substitute Good and give example | good =elastic demand can be replaced |
| How does the Income effect change the demand for normal goods | Essay |
| 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 effect | NG |
| Explain the “Paradox of Value” and give two goods as examples | Essay |