Have an account?
Skip to Content
10 questions
Show Answers
See Preview
- Fill in the BlankPlease save your changes before editing any questions.
Demand is the desire, ____________, and willingness to buy a product or service
- Fill in the BlankPlease save your changes before editing any questions.
Prices act as a motivating influence, or____________, that causes an individua; to take action.
- Fill in the BlankPlease save your changes before editing any questions.
The Law of Demand states that the quantity demanded of a product varies____________with it's price
- Fill in the BlankPlease save your changes before editing any questions.
The Market demand curve that shows the __________by everyone who is interested in purchasing a product at all possible prices.
- Fill in the BlankPlease save your changes before editing any questions.
As peopleuse more and more of a product, they encounter_________________
- Multiple ChoicePlease save your changes before editing any questions.
A Demand schedule is best described as
a graph
an incentive
data
a time line
- Multiple ChoicePlease save your changes before editing any questions.
When the price of something increases, the quanitity demanded________
increases
decreases
remains unchanged
reverses
- Multiple ChoicePlease save your changes before editing any questions.
Consider the term marginal utility. Which word is the best synonym for marginal?
useful
satisfactory
borderline
additional
- Multiple ChoicePlease save your changes before editing any questions.
Why is a demand curve downward sloping?
Because quanity demand increases as price decreases
because of the natural elasticity of the market
it shows how increasing incentives changes demand
it reflects the desire, ability and willingness of consumers
- Multiple ChoicePlease save your changes before editing any questions.
Why is the Law of Demand called a "law"
Because it is legally required
because there are no exceptions to it
because it has been demonstrated repeatedlu
because it is an economic term