Chapter 4 Quiz on Thursday, October 25

The Chapter 4 Quiz will be on Thursday, October 25.

Learning Targets

• • Describe the Law of Demand.
    • Use a demand schedule to describe the law of demand.
    • Summarize what a point on the demand curve represents.
  • Distinguish between the a shift in the quantity demanded and a shift in demand.
  • Describe factors that would lead to a shift in the demand curve or a change in the quantity demanded..
    • Using a demand graph, describe whether a shift in the demand curve is indicative of a decrease or increase in demand.
  • Using a demand graph, infer the impact of a price (including a price increase/decrease) on the demand of a good.
  • Using a demand schedule, locate the market demand.
  • Classify an item as a complement or a substitute to a different good.
    • Using a demand graph, identify the impact that a complement or a substitute would have on the demand of a good.
  • Differentiate between an item with elastic demand and inelastic demand.

 

• Use a table to classify products as having elastic demand or inelastic demand.

 

• • List the Determinants of Demand Elasticity.

Quizlet