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- Q 1/10Score 0combination of desire, ability, and willingness to buy a product29demandsubstitution effectinelasticmarginal utility
10 questions
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- Q1combination of desire, ability, and willingness to buy a productdemandsubstitution effectinelasticmarginal utility30s
- Q2graph showing the quantity demanded at each and every possible price that might prevail in the market at a given timedemand schedulecomplementsdemand curveLaw of Demand30s
- Q3rule stating that more will be demanded at lower prices and less at higher pricesLaw of Demandchange in demanddemand curvedemand elasticity30s
- Q4satisfaction or usefulness obtained from acquiring one more unit of a productelasticitychange in demandsubstitution effectmarginal utility30s
- Q5What are the characteristics of demand?the ability and willingness to buy a productthe desire and ability to buy a productthe desire, ability, and willingness to buy a productthe willingness and desire to buy a product30s
- Q6Changes in quantity demanded and changes in price have a(n) ______________relationship.neutraldirectinversepositive30s
- Q7On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result ofa change in demand.a change in price.an increase in demand.a decrease in demand.30s
- Q8What is the income effect?an increase in purchase of complements based on an increase in incomea proportional change in quantity demanded based on incomea change in demand caused by substitutiona change in quantity demanded caused by a change in consumer income30s
- Q9Which would an economist consider a likely complement for coffee?donutsteawaterchicken30s
- Q10How does the graph illustrate the Law of Demand?neither of theseboth of theseat lower prices a higher quantity of items is demandedat higher prices a lower quantity of items is demanded30s
