Econ Midterm

A negative relationship between the quantity demanded and price is called the law of ______.

A) demand

When economists study the behavior of buyers, they are studying:

c. demand

The law of demand implies that:

B) consumers will, all other things unchanged, buy more at lower prices.

The principle stating that, for virtually all goods and services, there is a negative relationship between price and quantity demanded, all other things unchanged, is the law of:

B) demand

The relationship between the price of a good and the quantity people are willing and able to purchase is:

B) demand

15. The law of demand is illustrated by a demand curve that is:

B) downward-sloping.

The law of demand is illustrated when:

B) an increase in the purchases of personal computers results from lower prices.

Demand is defined as:

C) a schedule that shows how much will be purchased at various prices during a particular period, all other things unchanged.

A decrease in the price of a good will, all other things unchanged, result in:

C) an increase in the quantity demanded.

If the price of a commodity increases, all other things unchanged, you would expect the:

C) quantity demanded to decrease.

The demand curve for on-demand videos has shifted to the right. What could have caused it?

D) An increase in the income of buyers.

Which of the following most correctly states the law of demand?

D) As the price falls, all other things unchanged, the quantity demanded will increase.

A decrease in the price of eggs, all other things unchanged, will result in a(n):

D) greater quantity of eggs demanded.

Demand is best defined as the:

D) relationship between the price of a good and the quantity people are willing and able to purchase, all other things unchanged.