Learning curve chapter 2 econ
to the right, and increase
When your income is higher, at each and every price level, you are willing and able to buy a larger quantity of each type of good, causing your demand curve to shift _____, which we call _____ in demand. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices
gas owners can sell more gas at each price
Which of the following does NOT explain why lower gas prices lead to a rise in the quantity of gas demanded?
for each quantity, add up the total prices demanded by your customers
Which of the following steps is NOT a step of figuring out market demand curves?
a complement
car ____ gas because you need both gas and a car to drive.
We should multiply each quantity by 40,000
To scale up the quantities demanded by a survey of 500 people to be representative of 20 million people, _____.
increases; normal goods
If your demand for goods _____ when your income is higher, we call these goods _____.
marginal benefit
The _____ refers to the benefit of an additional item you buy.
law of demand
The _____ states that the total quantity demanded is higher when the price is lower.
depends on many other factors beyond price
The interdependence principle reminds you that a buyer's best choice:
higher; the price is lower
The law of demand is the tendency for quantity demanded to be _____ when _____.
price; movement along
A change in _____ in a market demand curve causes a _____ the demand curve.
a shift to the left
A decrease in demand is:
an individual demand curve
A graph plotting the quantity of an item that someone plans to buy at each price is:
market price; all buyers
Managers find the market demand curve to be useful, because it shows them how the _____ shapes the total quantity demanded across _____.
a fixed demand curve to another point on the same curve
Movement along the demand curve is when a price change causes movement from one point on:
more useful because other people use it
Network effects occurs when a good becomes:
A graph plotting the quantity of an item that someone plans to buy at each price
A graph plotting the quantity of an item that someone plans to buy at each price
the price of the good
All the following are factors that may shift an individual demand curve EXCEPT a change in:
a graph plotting the total quantity of an item demanded by the entire market, at each price.
The market demand curve is:
higher; smaller
In the individual demand curve, as the price gets _____, the quantity demanded gets _____.
Market; price
You can forecast the quantity demanded of a product by reading the _____ demand curve, locating the _____, and moving along the same curve to find the right quantity.
if the price of its subsitutes falls
Your demand for any good will decrease:
it the price of its substitutes rises.
Your demand for any good will increase:
the market; the entire market
_____ demand curve is a graph plotting the total quantity of an item demanded by _____, at each price.
a decrease; demand curve
_____ in demand is a shift of the _____ to the left.
an increase; demand curve
_____ in demand is a shift of the _____ to the right.
the market demand curve
_____ is a graph plotting the total quantity of an item demanded by the entire market, at each price.
An increase in demand; a decrease in demand
_____ is a shift of the demand curve to the right, and _____ is a shift of the demand curve to the left.
to the left; a decrease
If your income were to fall, at each and every price level, you can buy a smaller quantity of each type of good, causing your demand curve to shift _____, which we call _____ in demand.
a higher-quality; more expensive
Inferior goods are those where you're "making do," and when your income rises, you'll shift to _____, but _____ alternative, instead.
lower prices attract both existing and new customers to buy more gas
Lower prices of gas yield a rise in the quantity demanded in the market because:
relatively unimportant
Over short periods of time, increases in population are _____ in their effects on demand compared with increases in population over long periods of time.
total, quantity
The market demand curve is a graph plotting the _____ of an item demanded by _____, at each price.
movement along the demand curve
To verify the movement of the demand curve, if the only thing that's changing is the price, then you're thinking about a:
decreases; complementary goods
When an increase in the price of one good _____ your demand for another good, we call the goods _____.
the quantity demanded
When graphing demand curves, price always goes on the vertical axis, and _____ goes on the horizontal axis.
