MRU: 3.1 - The Demand Curve

Q8: Every different good in the world: - has its own unique demand curve. - is represented by a unique point on the same demand curve. - is shown on the horizontal axis of the graph of a demand curve. - has an identical demand curve.

A: has its own unique demand curve.

Q6: A demand curve shows: - how much of a good people will want at different prices. - the difference between quantity demanded and demand at each price. - how much of a good will be bought and sold at different prices. - how much of a good people will be willing to sell at different prices.

A: how much of a good people will want at different prices.

Q3: Mobs on Black Friday are primarily caused by: - the Christmas spirit. - lower prices. - chemicals found in turkey. - a shift in consumer preferences.

A: lower prices.

Q7: The leftmost points on the demand curve for oil represent: - the highest-value uses of oil. - the lowest-value uses of oil. - the lowest-price barrels of oil. - the highest-price barrels of oil.

A: the highest-value uses of oil.

Q9: Which of the following correctly describes the appearance of a demand curve? - It is a line or curve that slopes down and to the left. - It is a line or curve that slopes up and to the right. - It is a line or curve that slopes down and to the right. - It is a horizontal line.

A: It is a line or curve that slopes down and to the right.

Q1: A very low price for oil sends the signal to consumers that: - There is only enough oil available for high-value uses of oil, like making rubber duckies. - There is enough oil available even for low-value uses of oil, like making rubber duckies. - There is only enough oil available for high-value uses of oil, like making jet fuel. - There is enough oil available even for low-value uses of oil, like making jet fuel.

A: There is enough oil available even for low-value uses of oil, like making rubber duckies.

Q4: Another way to describe a "high value" use of oil is as: - a use of oil for which oil has few substitutes. - a very common use of oil. - a use of oil that is environmentally sound. - a use of oil for which the value of the use exceeds the cost of extraction.

A: a use of oil for which oil has few substitutes.

Q10: The demand curve demonstrates that, keeping all other factors constant, people respond to a lower price of a good by: - buying more of a given product. - not changing their consumption if the good is a necessity. - saving more money. - buying less of a given product.

A: buying more of a given product.

Q5: The reason the fewer barrels of oil are demanded at higher prices is that: - consumers would rather forgo some high value uses for oil rather than pay high prices. - if few enough barrels of oil are produced, the costs of extraction will rise. - at higher prices, fewer barrels of oil will be supplied. - consumers would rather forgo some low value uses for oil rather than pay high prices.

A: consumers would rather forgo some low value uses for oil rather than pay high prices.

Q2: On the graph of a demand curve, ____________ is shown on the vertical axis, and __________ is shown on the horizontal axis. - price; quantity demanded - price; quantity supplied - quantity supplied; quantity demanded - quantity demanded; price

A: price; quantity demanded