Economics - Chapter 4 - What is demand? - Section 1- Demand

graph showing the quantity demanded at each and

every price at a given time

• microeconomics

• demand curve

• demand

• marginal utility

• diminishing marginal utility

the decrease in satisfaction or usefulness received

from each additional unit of a product

• microeconomics

• demand curve

• demand

• marginal utility

• diminishing marginal utility

the desire, ability, and willingness to buy a product

• microeconomics

• demand curve

• demand

• marginal utility

• diminishing marginal utility

area of economics that deals with behavior and

decision making of small units

• microeconomics

• demand curve

• demand

• marginal utility

• diminishing marginal utility

the extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product

• microeconomics

• demand curve

• demand

• marginal utility

• diminishing marginal utility

The Law of Demand states that

• more will be purchased at low prices than at high ones

• less will be purchased at low prices than at high ones.

• approximately the same amount will be purchased at low prices than at higher prices.

• all people have the ability, desire, and willingness to buy.

The demand curve is always

• upward sloping.

• downward sloping.

• level.

• irregular.

Buying only one instead of two sodas at lunch time describes what concept?

• demand

• consumerism

• marginal utility

• diminishing marginal utility

All of the following must exist for there to be demand EXCEPT

• a desire to buy a product.

• producers to sell a product.

• an ability to buy a product.

• a willingness to buy a product.

Which of the following statements does NOT describe the demand curve?

• Prices are listed on the vertical axis.

• Quantities demanded are listed on the horizontal axis.

• The demand curve represents the various combinations of prices and quantities demanded that could occur in the market.

• It shows the demand for a product over time rather than at a given point in time.