Objective 7

Question 1

Shift (or change) in demand

Answer 1

A factor other than selling price that will cause the demand curve to shift.

Question 2

Shift (or change) in supply

Answer 2

A factor other than selling price that will cause the supply curve to shift.

Question 3

Change in quantity demanded

Answer 3

A change in the quantity demanded due to a change in the selling price.

Question 4

Change in quantity supplied

Answer 4

A change in the quantity supplied due to a change in the selling price.

Question 5

Complements

Answer 5

Two or more goods that typically sell together, such that the change in selling price of one effects change in demand in the other.

Question 6

Substitutes

Answer 6

Goods and services that compete or are easily substituted when price changes.

Question 7

Inferior good

Answer 7

A good that changes in demand inversely with changes income.

Question 8

Normal good

Answer 8

A good that changes in demand directly with changes income.