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