Demand

Being willing to buy a new yacht is sufficient to make you part of the demand on yachts

• True

• False

The demand curve is sloping

• Upward

• downward

• horizontally

• vertically

demand schedule is best described as _______

• Graph

• Data

• Incentive

• Time line

When the price of something increases, the quantity demanded

• Increase

• Remains unchanged

• Decreases

• Reverses

Consider the term marginal utility. Which word is the best synonym for marginal?

• Useful

• Satisfactory

• Borderline

• Additional

Why is a demand curve downward sloping the way it is?

• because quantity demanded increases as price decreases

• because of the natural elasticity of the market

• because it shows how increasing incentives changes demand

• because it reflects the desire, ability, and willingness of consumers

Why is the Law of Demand called a “law”?

• because it is legally required

• because there are no exceptions to it

• because it has been demonstrated repeatedly

• because it is an economic term

A change in quantity demanded is represented by ______

• movement along the demand curve

• substitution

• Complements

• a shift of the demand curve

Change in demand and change in quantity demanded are basically the same thing

• True

• False

What is the main cause of a change in quantity demanded

• substitution

• change in price

• complements

• change in income