ECON 110 FINAL KENT ZIRLOTT QUESTIONS
WITH CORRECT ANSWERS 2026/2027
Quantity Demanded(QD) - CORRECT ANSWER -amount of the good that buyers are willing and
able to purchase at a specific price
Demand Curve - CORRECT ANSWER -set of various quantities demanded at corresponding
prices; the curve itself
Law of Demand - CORRECT ANSWER -the claim that the quantity demanded of a good falls
where the price of the good rises, other things equal
Demand Scheldue - CORRECT ANSWER -a table that shows the relationship between the price of
a good and quantity demanded
Market Demand vs. Individual Demand - CORRECT ANSWER -the quantity demanded in the
market is the sum of the quantities demanded by all buyers at each price
1) # of buyers
2)income
3) price of related goods
4) tastes
5) expectations - CORRECT ANSWER -What are the Demand curve shifters?
When the # of buyers increases, the quantity demanded increases at each price and shifts the D
curve to the right - CORRECT ANSWER -What happens to the demand curve when the # OF
BUYERS increases?
, normal good and inferior good - CORRECT ANSWER -What are the two "goods" related to the
demand curve shifter income?
postively - CORRECT ANSWER -Is a normal good postively or negatively related to income?
negatively - CORRECT ANSWER -Is an inferior good postively or negatively related to income?
for a normal good, an increase in income causes an increase in quantity demanded at each
price, which shifts the D curve to the right - CORRECT ANSWER -If demand is for a normal good,
what happens when income increases?
for an inferior good, an increase in income shifts the D curve to the left - CORRECT ANSWER -If
demand is for an inferior good, what happens when income increases?
two goods are substitutes if an increase in the price of one causes an increase in demand for the
other - CORRECT ANSWER -How do you know if two goods are substitutes?
two goods are compliments if an increase in the price of one causes the fall in demand for the
other - CORRECT ANSWER -How do you know if two goods are compliments?
tastes - CORRECT ANSWER -anything that causes a shift in ______ toward a good will increase
demand for that good and shift its D curve to the right
expectations - CORRECT ANSWER -peoples _______ of the future will affect consumer's buying
Quantity Supplied(QS) - CORRECT ANSWER -the amount that sellers are willing and able to sell
at a specific price
WITH CORRECT ANSWERS 2026/2027
Quantity Demanded(QD) - CORRECT ANSWER -amount of the good that buyers are willing and
able to purchase at a specific price
Demand Curve - CORRECT ANSWER -set of various quantities demanded at corresponding
prices; the curve itself
Law of Demand - CORRECT ANSWER -the claim that the quantity demanded of a good falls
where the price of the good rises, other things equal
Demand Scheldue - CORRECT ANSWER -a table that shows the relationship between the price of
a good and quantity demanded
Market Demand vs. Individual Demand - CORRECT ANSWER -the quantity demanded in the
market is the sum of the quantities demanded by all buyers at each price
1) # of buyers
2)income
3) price of related goods
4) tastes
5) expectations - CORRECT ANSWER -What are the Demand curve shifters?
When the # of buyers increases, the quantity demanded increases at each price and shifts the D
curve to the right - CORRECT ANSWER -What happens to the demand curve when the # OF
BUYERS increases?
, normal good and inferior good - CORRECT ANSWER -What are the two "goods" related to the
demand curve shifter income?
postively - CORRECT ANSWER -Is a normal good postively or negatively related to income?
negatively - CORRECT ANSWER -Is an inferior good postively or negatively related to income?
for a normal good, an increase in income causes an increase in quantity demanded at each
price, which shifts the D curve to the right - CORRECT ANSWER -If demand is for a normal good,
what happens when income increases?
for an inferior good, an increase in income shifts the D curve to the left - CORRECT ANSWER -If
demand is for an inferior good, what happens when income increases?
two goods are substitutes if an increase in the price of one causes an increase in demand for the
other - CORRECT ANSWER -How do you know if two goods are substitutes?
two goods are compliments if an increase in the price of one causes the fall in demand for the
other - CORRECT ANSWER -How do you know if two goods are compliments?
tastes - CORRECT ANSWER -anything that causes a shift in ______ toward a good will increase
demand for that good and shift its D curve to the right
expectations - CORRECT ANSWER -peoples _______ of the future will affect consumer's buying
Quantity Supplied(QS) - CORRECT ANSWER -the amount that sellers are willing and able to sell
at a specific price
