What is necessary for demand to exist in the marketplace?

Only having the product available

Only having the financial resources

What kind of concepts are discussed in microeconomics?

Concepts about international trade

Concepts about national policies

What type of decisions does microeconomics focus on?

Individual decisions made by people and firms

Collective government decisions

Decisions made by large corporations

Decisions made by world leaders

What do people and firms act in their own best interests to answer in a market economy?

The basic WHAT, HOW, and FOR WHOM questions

Only the WHAT and HOW questions

The demand and supply questions

The price and quantity questions

What does the concept of demand involve?

Price and quantity of a specific product

Price and popularity of products

What might we want to know about a movie in relation to demand?

How many people would want to see it at different prices

The total income from ticket sales

The best time to show the movie

How popular the movie is globally

The number of people producing the movie

What factor might influence how many people would want to see a movie?

The number of people living in the area

The marketing budget of the movie

The weather on the given afternoon

What is one factor that could affect demand for a movie at different prices?

The number and types of other movies playing

The popularity of the movie’s actors

The total cost of producing the movie

How are the results of demand typically measured?

In terms of prices and quantities

In terms of popularity and duration

In terms of global reach and views

What would likely be measured in terms of prices and quantities when discussing demand?

The number of people who want to see a movie

The number of people living in the area

The total revenue from ticket sales

The marketing costs of the movie

What is shown in Panel A of Figure 4.1?

The amount of a product that a consumer is willing to buy at different prices

The number of people who want to buy the product

The supply of a product at different prices

The total cost of a product at various prices

The demand schedule for the product

What does a demand schedule show?

The various quantities demanded of a product at all possible prices

The total amount of a product available

The supply of a product at each price

The total income at various prices

The amount produced at each price

What happens to Mike’s demand as the price gets lower?

He is willing to buy more units of the product

He buys fewer units of the product

He stops buying the product altogether

He increases the price he is willing to pay

He buys less as the price falls

What does the demand curve represent?

A graph showing the quantity demanded at each price

A graph showing the supply at each price

A table of the quantities supplied at different prices

A graph of Mike's total spending

How is the demand curve created from the demand schedule?

By transferring the price-quantity observations to a graph

By calculating the supply at each price

By plotting total demand across all prices

By estimating consumer behavior

By drawing a line of increasing demand

What does point a in Panel B represent?

Mike purchased three CDs at a price of $15 each

Mike purchased one CD at a price of $10

Mike purchased two CDs at a price of $20

Mike purchased five CDs at a price of $10

Mike purchased three CDs at a price of $20

How are the demand schedule and the demand curve similar?

They both show the same information—one in table form, the other in graph form

They both show different information about the market

They both show the supply curve information

They both show price at different times

They both show the same prices for different products

What does the demand curve show in the market?

The quantity demanded at every possible price

The quantity of a product available

The price of products in the market

What feature of demand is pointed out in Figure 4.1?

Higher prices are associated with smaller amounts demanded

Lower prices are associated with more demand

Higher prices lead to increased demand

The price does not affect demand

Higher demand means higher prices

What is the Law of Demand?

The quantity demanded varies inversely with its price

The quantity demanded increases with price

The price and quantity demanded are unrelated

The quantity demanded is fixed regardless of price

The quantity demanded decreases with supply

What happens when the price of something goes up according to the Law of Demand?

The quantity demanded goes down

The quantity demanded stays the same

The demand curve shifts to the left

What happens when the price goes down according to the Law of Demand?

The quantity demanded stays the same

The quantity demanded goes down

The demand curve shifts to the right

Why do economists refer to the Law of Demand as a “law”?

It is consistently observed in study after study

It is universally accepted without question

It is an unproven concept in economics

It is only based on mathematical models

What do studies show about the relationship between price and quantity demanded?

People usually buy more when the price goes down and less when it goes up

People always buy the same amount regardless of price

People buy more when prices rise

People buy less when prices fall

People always buy at the highest price

What does common sense suggest about how people buy products at different prices?

People generally buy more of a product when its price is lower

People buy more when prices are higher

People buy the same amount at any price

People only buy when prices are stable

People stop buying when prices rise

What happens at the mall during a sale according to the text?

People make increased purchases

People buy only the items they need

People wait until prices drop further

People stop shopping altogether

Why is economics considered a social science?

It studies human behavior in response to changes in the environment

It studies the behavior of markets only

It studies only mathematical theories

It focuses on the behavior of firms

It studies only government policies

How does the Law of Demand relate to everyday life?

It matches common observations about buying more at lower prices

It states that prices do not influence buying behavior

It shows that price has no effect on quantity demanded

It suggests people always buy at the same price

It indicates that people buy more at higher prices

What does the market demand curve show?

The quantities demanded by everyone interested in purchasing the product

The quantity demanded by one person only

The number of items available in the market

The supply of a product at different prices

The total income from product sales

What is the market demand curve in Figure 4.2 based on?

The combined demand of Mike and Julia

The combined demand of Mike and his family

The total supply of the product

The demand from all customers in the store

How do we create the market demand curve?

By adding together the number of CDs that Mike and Julia would purchase at every price

By calculating the total number of products available

By tracking the price changes over time

By asking everyone in the market about their preferences

What does point a in Figure 4.2 represent?

The three CDs Mike would purchase at $15 plus the three CDs Julia would buy at the same price

The three CDs Mike would buy at $10

The total amount of money spent by Mike and Julia

The total number of CDs available at $15

The price at which Mike buys one CD

What is represented by point b in Figure 4.2?

The quantity of CDs Mike and Julia would purchase at $10

The number of CDs available at $10

The price at which Mike and Julia would stop buying CDs

The number of CDs bought by one person

How is the market demand curve similar to the individual demand curve in Figure 4.1?

Both are downward sloping and show prices at different quantities

Both represent the supply of a product

Both show the cost of products at different prices

Both represent one person’s demand for a product

Both are straight vertical lines

What is the key difference between the market demand curve and the individual demand curve?

The market demand curve shows the demand for everyone in the market

The individual demand curve shows the total demand of all consumers

The individual demand curve is always upward sloping

The market demand curve only shows one person’s demand

The market demand curve shows only supply data

What does the market demand curve show in terms of price?

A range of possible prices that might prevail in the market

Only the highest price in the market

The fixed price for a product in the market

The lowest price available in the market

The average price at which products are sold

What happens to the demand curve when we add the individual demands of multiple people?

The market demand curve is created

The demand curve becomes steeper

The individual demand curve disappears

What do economists mean by the term “utility”?

The amount of usefulness or satisfaction from a product

The production cost of a product

4.1 Intro to Demand

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