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10 Cards in this Set
- Front
- Back
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Which is the dependent and which is the independent variable? |
Dependent: Number of books |
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Which is the dependent and which is the independent variable? |
Dependent: Number of credit hours Independent: Number of work-study hours |
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Which is the dependent and which is the independent variable? You anticipate a higher exam grade because you studied more the week before. |
Dependent: exam grade Independent: hours spent studying |
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Direct or Inverse Relationship? |
Direct
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Direct or Inverse Relationship? Price of non-essential good and quantity purchased. |
Inverse
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Direct or Inverse Relationship? Number of games a team won last year and number of tickets sold this year. |
Direct |
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All else remaining equal, what does the Law of Demand say about the effects of a price change? |
Price increase leads to lower quantity demanded; price decrease leads to higher quantity demanded. |
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Money Prices: 2003 2004 Hospital Rm 250 275 Hotel Rm 350 375 |
Money price increased for both. Relative price for hotel room decreased. |
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Identify the change in demand or quantity demanded for satellite internet access. a. Price of cable internet decreases. b. Price of satellite internet decreases. c. Decrease in levels of income earned by satellite cable customers. d. Satellite internet customers anticipate lower prices in the near future. |
a. Decrease in demand (substitute good) b. Quantity demanded increases c. Decrease in demand d. Decrease in demand |
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For a good G, how would changes in the price of G's substitutes affect G's demand?
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If substitute price increases, demand for G increases; if substitute price decreases, demand for G decreases. |
