ABEKA ECONOMICS Test 2 WITH 100% VERIFIED QUESTIONS & ANSWERS

direct benefit received by the owner of a good - value in use satisfaction received from possessing a particular amount of a good - total utility amount of satisfaction that results from a one-unit increase of a good - marginal utility good capable of being used in conjunction with another - complementary good good expected to last at least three years - durable good if ms johnson quit a job where she annually made $40k to start a business whose expense was $20k and total revenue was $15k during the first year, what would her opportunity cost for the year equal? - $45,000 states that when the price of a certain good rises, people tend to find alternatives that are less expensive - substitution effect stores try to induce customers to buy products by creating discontent in buyers. which is a marketing scheme used for that purpose - BOGO deals relationship between a good's price and the amount that people are willing to buy - demand relationship between a good's price and the amount that producers are willing to provide for customers - supply three of the five factors that can change the demand for a good - income, tastes and preferences, population, consumer expectations, prices of related goods three of the six factors that can cause a shift in a good's supply - technology, resource prices, prices of related goods, number of sellers, producer expectations, government taxes subsidies and regulations