Podcast
Questions and Answers
What is the relationship between the demand for labour and the demand for goods?
What is the relationship between the demand for labour and the demand for goods?
- They are unrelated
- They are inversely related
- They have no relationship
- They are directly related (correct)
Which concept is illustrated when an increase in demand for cheese leads to a decrease in the supply of butter due to fixed milk supply?
Which concept is illustrated when an increase in demand for cheese leads to a decrease in the supply of butter due to fixed milk supply?
- Joint demand
- Composite demand (correct)
- Diminishing marginal utility
- Expansion of demand
What is the main idea behind the law of diminishing marginal utility?
What is the main idea behind the law of diminishing marginal utility?
- As more units of a good are consumed, the satisfaction decreases (correct)
- Consumers always want more of a good
- The price of goods always decreases over time
- Utility derived from goods is always constant
How does the demand curve typically slope according to the information provided?
How does the demand curve typically slope according to the information provided?
What is the impact on the demand for cars if the demand for the labor to produce those cars increases?
What is the impact on the demand for cars if the demand for the labor to produce those cars increases?
When consumers are willing to pay less for a good, what concept from the text is being illustrated?
When consumers are willing to pay less for a good, what concept from the text is being illustrated?
What happens to the demand for a good if the population increases?
What happens to the demand for a good if the population increases?
If the price of a substitute for a good falls, what is likely to happen to the demand for the original good?
If the price of a substitute for a good falls, what is likely to happen to the demand for the original good?
How does an increase in consumer disposable income impact demand?
How does an increase in consumer disposable income impact demand?
What factor can lead to an increase in consumer loyalty to a good and subsequently increase demand?
What factor can lead to an increase in consumer loyalty to a good and subsequently increase demand?
If consumer tastes shift from physical books to e-books, what is likely to happen to the demand for physical books?
If consumer tastes shift from physical books to e-books, what is likely to happen to the demand for physical books?
Which factor is responsible for changes in demand based on future price expectations?
Which factor is responsible for changes in demand based on future price expectations?
What is demand?
What is demand?
What happens when the price of a good decreases according to the text?
What happens when the price of a good decreases according to the text?
What does an outward shift in the demand curve indicate?
What does an outward shift in the demand curve indicate?
What causes movements along the demand curve according to the text?
What causes movements along the demand curve according to the text?
Which of the following factors does NOT affect shifting the demand curve according to the text?
Which of the following factors does NOT affect shifting the demand curve according to the text?
What does PIRATES mnemonic stand for in relation to shifting the demand curve?
What does PIRATES mnemonic stand for in relation to shifting the demand curve?
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