Quiz Chapter 4, Section 2

All of the following are examples of complements EXCEPT

A. Butter and margarine

Which of the following would cause a change in the quantity demanded for a product?

A. Changing consumer tastes

Demand Curve

Graph showing the quantity demanded at each and every rice at a given time.

Microeconomics

The decrease in satisfaction or usefulness received from each additional unit of a product.

Diminishing Marginal Utility

The desire, ability, and willingness to buy a product.

Marginal Utility

The extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product.

A change in the number of consumers can use

The market demand curve to shift

Which of the following statements does NOT describe the demand curve

Quantities demanded are listed on the horizontal axis

How does the demand curve respond to an increase in demand?

B. The curve shifts right

Buying only one instead of two sodas at lunch time describes what concepts

Demand

The demand curve is always

Downward sloing

Change in quantity demanded

A movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price.

All of the following must exist for there to be demand EXCET

A willingness to buy a product

The Law of Demand states that

Less will be purchased at low rices than at high one.

Complements

Because the use of one increase the use of the other.

Substitutes

Because they can be used in place of other products

Income Effect

Change in quantity demanded due to a change in price that alters a consumers' real income

Substitution Effect

Is the change in quantity demanded because of the change in the relative price of the product

Demand

Listing that shows the quantity demanded at all product sible rices at a give time.

All of the following would cause a change in demand of a product EXCEPT?

c. An increase in the price of related products