Ch 2 Demand Quiz

The interaction of what two groups in a market establishes the market price?

• buyers and consumers

• consumers and producers

• sellers and producers

• all of the above

Consumers will buy more of something if it costs ____, and less of something if its costs ____.

• more, less

• a lot, a little

• less, less

• less, more

There is an inverse relationship between quantity demanded and ______?

• price

• quantity

• demand

• market demand

The quantities of a particular good or service that consumers are willing and able to buy at different prices, at a particular time is the?

• equilibrium price

• principle of demand

• definition of demand

• law of demand

What is not included in a demand schedule?

• prices

• quantity demanded

• title

• all are included in a demand schedule

When drawing a demand graph your demand line or curve is typically downward sloping.

• true

• false

Which is least likely to affect an individual or consumer's buying power?

• their income

• prices of goods

• where they live

• the stock market

The point reached when an additional unit of a product is less satisfying than the one before it is called?

• marginal costs

• diminishing marginal utility

• utility benefits and costs

• marginal benefits

The utility or usefulness a person gets out of something, like food or music, can be described only qualitatively, and not quantitatively in economics.

• true

• false

Most products have _________, a good or service that can replace another good or service.

• compliments

• substitutes

• prices

• similarities