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  Line De represents ranchers’ demand for hay last year. This year, winter is extremely mild and ranchers are consequently leaving their cattle in the pasture to graze for a longer period of time than they did last year. Which line represents this year’s demand for hay? 

The slope of a demand curve represents how much demand will respond to a change in price. This is elasticity. The flatter the slope, the _______the response will be.

Which of the following typically spurs production?

A good or service that is considered essential to a person’s well-being is referred to as what?

Which of the following describes a price mechanism through which the government may correct a failing market?

A _________ is a motivation to engage in an action in the market?

  Demand “D” represents a demand curve that is what?

It is reasonable to expect that the supply of any good will _____.

When the demand for a good or service does NOT vary when there is a change in price, the good is _______?

Explain the difference between descriptive statistics and inferential statistics. Provide an example of a situation where each would be used.