If McDonald's eliminated their $0.99 menu, high school students would probably eat at another fast food restaurant that had a $0.99 menu. The high school students would no longer buy the higher priced products. In this case, the demand is:

Producers of the Cadillac Escalade produce one million "new and improved" Escalades for the fiscal year. Consumers are willing to pay full price for the Escalade. This is a(n):

A farmer had 25 pumpkins for sale. Mrs. Smith purchased all 25 pumpkins for her 1st grade class. Both parties are happy, so this is an example of a(n):

What exists when supply exceeds demand?

The amount of goods producers are willing and able to produce and sell at a given price during a certain period of time is:

A consumer's willingness and ability to buy products at a given price during a certain period of time is:

Which type of demand refers to how changes in the price of a product have an affect on demand for that product?

What refers to how changes in the price of a product have very little affect on the demand for that product?

When customers will only purchase a certain brand and will accept no substitutes. This type of demand is:

If Brad is brand loyal and only purchases Gatorade, he will purchase Gatorade even when the price increases. In this case, demand is:

When an increase in the price of a good or service does not have a major impact on a customer's budget, the demand is usually:

Amy only buys Cover Girl make-up, even though the prices of Maybelline are lower. This is an example of:

The degree to which demand for a product is affected by its price is known as:

Which term describes consumers' willingness and ability to buy products?

Which term describes the amount of goods producers are willing to produce and sell?

Producers prefer to supply when the price is high; this is known as a(n):

Consumers prefer to buy when the price is low; this is known as a(n):

What can occur when customers choose a competitor's product?

A shortage of a product may result in a customer purchasing:

What occurs when supply and demand are equal?

The degree to which demand for a product is affected by its price is:

When people will pay any price for gas which type of demand occurs?

If a purchase must be made immediately, demand tends to be:

Which product would MOST LIKELY have inelastic demand?

What can occur when price is too high?

What exists when demand exceeds supply?

If a substitute is easily obtainable, demand is:

When a product is a luxury, demand is: