Demand 3.1 and 3.2 Flashcard

Front

Demand is...

Back

the amount of a good or service that a customer willing and able to buy at various prices

Front

Quantity Demanded is...

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Amount you would buy of a good or service at a specific price and time

Front

All are TRUE of the Law of Demand, except...

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Supply and Demand always go up and down together

Front

Which is an example of Diminishing Marginal Utility? Options: If I own 14 cars, I would have greater satisfaction after buying my 15th car, than my first car; Big Bob ate 19 scones. Big Bob's utility (satisfaction) was higher after the first scone than the 19th scone

Back

Big Bob ate 19 scones. Big Bob's utility (satisfaction) was higher after the first scone than the 19th scone

Front

When a product’s demand shifts, different quantities of a product are demanded at each and every price.

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Changes in Demand

Front

All of the following could cause a shift in a product's Demand, except...
Change in consumer tastes and preferences, Change in income, Change in weather, Change in Prices of Related Goods

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Change in weather