Econ Quizzes 4-1 & 4-2 Demand

When data for demand is organized into a table we call it:

• a demand curve
• a demand schedule
• quantity demanded
• demand

What must be true for a consumer to be in "demand" ?

• willing to buy
• able to buy
• well off financially
• willing and able to buy

The ___________ of a good will increase or decrease as a result of a change in the price of that good.

• demand
• quantity demanded

Any place that people gather together to buy and sell goods is called:

• a store
• a market
• a trade-off
• a transaction

This states that as prices increase, the quantity that buyers will purchase, will decrease.

• Economics Principle
• Law of Supply
• Law of Demand
• None of the above

A demand curve could be a vertical, straight line.

• True
• False

Demand schedules and demand curves contain the same information presented in different ways.

• True
• False

Buyers have demand for a good or service whenever they have enough money to purchase the item.

• True
• False

The law of "diminishing marginal utility" states that as people consume additional identical items, they get less "utility" from those items.

• True
• False

A demand schedule lists only prices.

• True
• False