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4 cards from this section. Quick, good the night before a test.
What happens to demand when the price of a commodity decreases?
Think about the inverse relationship.
Give one example of a normal good.
Think about what people buy more of when they have more money.
What happens to demand when the price of a commodity increases?
Remember the inverse relationship between price and demand.
True or False: If consumer income increases, demand for inferior goods increases.
Consider how income affects purchasing choices.
A sudden rise in avocado prices has led to decreased sales numbers for guacamole. How would you explain this using the concepts of substitute goods?
Think about consumer choices when prices change.
Analyze how predictions about an impending recession might affect consumer demand for luxury cars.
Consider how economic forecasts impact spending habits.
6 more questions in this section. Enroll free to practise them all.
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