U3L1a HW Econ

What is Demand?

• The desire to own something and the ability to pay for it

• The supply of goods available in the market

• The price of goods in the market

• The government regulation on goods

What is a demand curve?

• A demand curve is a graphical representation of a demand schedule.

• A demand curve is a tool used to measure supply.

• A demand curve is a chart showing the equilibrium price.

• A demand curve is a method to calculate profit.

The demand curve is downward sloping showing the inverse relationship between ______ and quantity demanded.

• price

• income

• supply

• production cost

What is the quantity demanded when the price of milk is $5?

• 10

• 15

• 20

• 25

What is the quantity demanded when the price of milk is $4?

• 20

• 15

• 25

• 30

What is the price of milk when the quantity demanded is 50?

• $2

• $3

• $4

• $5

At what price is the quantity demanded 80?

• $1

• $2

• $3

• $4

As the price of milk decreases, the quantity demanded increases.

• True

• False

What is the quantity demanded by Billy at a price of $3?

• 3

• 1

• 2

• 4

What is the total market demand at a price of $2?

• 50

• 30

• 70

• 90