Which one of the following statements is correct? A. “Demand” and “claim” have the same meaning. B. To demand a good requires only a desire to possess the good. C. Demand relates to plans, not to events that have occurred already. D. “Demand” and “need” have the same meaning. E. Demand refers to the quantities that consumers bought recently

Which one of the following statements is correct? A. “Demand” and “claim” have the same meaning. B. To demand a good requires only a desire to possess the good. C. Demand relates to plans, not to events that have occurred already. D. “Demand” and “need” have the same meaning. E. Demand refers to the quantities that consumers bought recently

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 2QFR

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An increase in demand means that: a. when the price falls, consumers are willing to purchase greater quantities of the good. b. consumers cause the price drop by buying greater quantities of the good. C. consumers are willing to purchase greater quantities of the good at any given price. d. when the price rises, consumers are willing to purchase greater quantities of the good.
In the market for a normal good, an increase in income will cause an increase in _____, an increase in quantity _____, and a(n) _____ in price. A.) demand; supplied; increase B.) demand; supplied, decrease C.) supply; demanded; increase D.) supply; demanded; decrease
What are a demand schedule and a demand curve? A. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes, holding all other determinants of quantity demanded constant. When the points of quantity demanded and prices are plotted on a graph, it is called a demand curve. B. C. D. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes. When the data is plotted it on a graph is called a demand curve. A demand schedule is a table showing how the quantity demanded of some product as the price of that product changes. When the data is plotted on a graph it is called a demand curve. A demand schedule is a table showing the quantity demanded of good or service by rational individuals with steady income. When the data is plotted on a graph it is called a demand curve.
If instant noodles are an inferior good, and consumers’ income decreases, what is the expected effect on the equilibrium price and quantity of instant noodles? A. The equilibrium price and quantity of instant noodles will increase. B. The equilibrium price and quantity of instant noodles will decrease. C. The equilibrium price of instant noodles will increase, but the equilibrium quantity will decrease. D. The equilibrium price of instant noodles will decrease, but the equilibrium quantity will increase. E. None of the above.
The law of demand implies, holding everything else constant, that as the price of pizza Select one: A. decreases, the demand for pizza will increase. B. decreases, the quantity of pizza demanded will decrease. C. decreases, the demand for pizza remains unchanged. D. increases, the demand for pizza will increase. E. increases, the quantity of pizza demanded will decrease.
A demand schedule a. shows how the demand changes when the supply changes. b. is a graph showing a relationship between the quantity demanded and the price of a good. c. shows the quantity demanded at one price. d. shows that demand is on schedule. e. is a list of the quantities demanded at each different price when all other influences on buying plans remain the same.
Which one of the following is not a determinant of the quantity of a good that is demanded?A. The availability of the good.B. The price of the good.C. The income of consumers.D. The prices of substitutes.E. The prices of complements.
Which of the following is the correct definition of demand schedule? K OA. the demand for a product by all the consumers in a given geographic area B. a table that shows the relationship between the price of a product and the quantity of the product demanded OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price D. a curve that shows the relationship between the price of a product and the quantity of the product supplied Which of the following is the correct definition of demand curve? OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price OD. a curve that shows the relationship between the price of a product and the quantity of the product demanded
If milk is a normal good, then a decrease in consumers’ income will definitely cause A a decrease in the demand for milk.B an increase in the demand for milk.C an increase in the supply of milk.D a decrease in the supply of milk.E an increase in the demand and supply of milk.
Assume that the economy is in a recession and consumers are expecting a fall in their income levels. This will cause a/an: Select one: A. decrease in the total quantity demanded of all goods. B. right shift in the market demand for all goods. C. increase in the total quantity supplied of all goods. D. left shift in the market demand for all goods.
Which one of the following statements is incorrect?A. Market demand consists of the combined demand of all the participants in the market.B. The quantity demanded of a good, say a loaf of bread, depends heavily on the availability of the good.C. The quantity demanded of a good depends on the income of consumers.D. The quantity demanded of a good also depends on the prices of related goods (complements and substitutes).E. Demand decisions have to be analysed independently of the supply situation.
Please do not give solution in image format thanku Which of the following would be considered a dependent demand item? a. Shoes b. Microchips used in automobiles c. Microwave Oven d. Paint