Chapter+4+Review

Chapter 4 Review pg 98 Key Terms #1-7 1. You would refer to a(n) to find the quantity that a person would purchase at each price that could be offered in a market. 2. For a(n), a consumer's demand will increase as his or her income increases. 3. The occurs when an increase in the price decreases a consumer's real income. 4. Demand for goods that are necessities is usually. 5. If the elasticity of demand of a good is equal to 1, it is described as __unitary demand__. 6. According to the, when prices increase, quantity demanded will decrease. 7. Two goods that are bought and used together are __complements__.