Podcast
Questions and Answers
What is the primary factor that influences the quantity demanded of a good?
What is the primary factor that influences the quantity demanded of a good?
- Price of related goods
- Income
- Price (correct)
- Consumer preferences
What is the result of a shift in the market demand curve?
What is the result of a shift in the market demand curve?
- A change in the price of the good
- A change in the quantity demanded at a given price (correct)
- A change in the consumer's willingness to buy
- A movement along the demand curve
How do economists obtain the market demand curve?
How do economists obtain the market demand curve?
- By graphing the individual demand curves separately
- By summing the individual demand curves horizontally (correct)
- By averaging the individual demand curves
- By summing the individual demand curves vertically
What is the term used to describe two goods where a fall in the price of one good reduces the demand for another good?
What is the term used to describe two goods where a fall in the price of one good reduces the demand for another good?
What is held constant when analyzing the market demand curve?
What is held constant when analyzing the market demand curve?
What is the primary factor that determines the law of supply?
What is the primary factor that determines the law of supply?
What is the term for the point at which the supply and demand curves intersect?
What is the term for the point at which the supply and demand curves intersect?
What happens to the market supply curve when the number of sellers increases?
What happens to the market supply curve when the number of sellers increases?
What is the primary reason why a buyer may choose to save less and spend more of their current income on ice cream?
What is the primary reason why a buyer may choose to save less and spend more of their current income on ice cream?
What is the term for the amount that sellers are willing and able to sell?
What is the term for the amount that sellers are willing and able to sell?
