WorksheetsECON 4.1
Total questions: 10
Worksheet time: 20mins
Demand is the desire, _________, and willingness to buy a product or service.
ability
incentive
marginal utility
quantity
Prices act as a motivating influence, or ____________, that causes an individual to take action.
market disruptor
incentive
marginal utility
demand
The Law of Demand states that the demand of a product has a(n) ________ relationship with its price.
inverse
positive
diminishing utility
neutral
The market demand curve that shows the ______________ by everyone who is interested in purchasing a product at all possible prices.
quantity demanded
diminishing marginal utility
marginal utility
demand
As people use more of product and lose satisfaction doing so, they encounter ____________.
diminishing marginal utility
marginal utility
inverse quantity demanded
the law of demand
A demand schedule is best described as ____________.
a graph
a probability
data
a timeline
When the price of something increases, the quantity demanded ________________.
increases
decreases
remains unchanged
reverses
Consider the term marginal utility. Which word is the best synonym(same meaning) for "marginal".
useful
satisfactory
borderline
additional
Why is the demanded curve downward sloping?
because quantity demanded increases as price decreases
because of 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 exception to it
because it has been demonstrated repeatedly
because its an economic term
