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Chapter 4 5 study guide

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  • 1. Demand/Supply Test Study GuideName__________________________________<br />Chapter 4<br />Demand<br />Law of Demand<br />Change in Demand vs. Change in Quantity Demanded<br />Substitution Effect<br />Income Effect<br />Demand Curve (Which direction does it slope?) <br />What causes changes (shifts) in Demand?<br />1.<br />2.<br />3.<br />4.<br />5.<br />Normal Goods<br />Inferior Goods<br />Complements<br />Substitutes<br />Elasticity of Demand<br />Elastic Demand<br />Inelastic Demand<br />What factors influence the elasticity of demand for a product?<br />1.<br />2.<br />3.<br />Total Revenue<br />Total Revenue Test<br />Chapter 5<br />Supply<br />Law of Supply<br />Quantity Supplied<br />Supply Curve<br />Elasticity of Supply<br />What is the only factor affecting elasticity of supply?<br />Marginal Product of Labor<br />Increasing Marginal Returns<br />Decreasing Marginal Returns<br />Negative Marginal Returns<br />Fixed Cost<br />Variable Cost<br />Total Cost<br />Marginal Cost<br />Marginal Revenue<br />Profit Maximizing occurs where marginal cost = marginal revenue<br />Factors causing a change (shift) in the supply curve<br />1. <br />2.<br />3. Subsidies<br />4. Taxes<br />5. Regulations<br />6. <br />7.<br />