Demand theory bingo

Exercise and reference answers

Clues and terms

1. Clue

   Price up, quantity demanded down, other things equal

   Item

   Law of demand

2. Clue

   Inferior goods showing a direct price-demand link

   Item

   Giffen goods

3. Clue

   Named the effect behind pricey cars and jewels

   Item

   Veblen

4. Clue

   Demanding a good to stand apart from the crowd

   Item

   Snob effect

5. Clue

   Buying a good because everyone else buys it

   Item

   Bandwagon

6. Clue

   Duesenberry's term for copied consumption

   Item

   Demonstration

7. Clue

   The graph that slopes to obey the law

   Item

   Demand curve

8. Clue

   The tabular form of the demand relation

   Item

   Schedule

9. Clue

   The direction of the price-quantity relation

   Item

   Inverse

Instructions

Read each call, tap its term on the board. Three in a line is bingo.

Explanation