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Law of Demand in Microeconomics

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Questions and Answers

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?

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?

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?

Substitutes Signup and view all the answers

What is held constant when analyzing the market demand curve?

Other factors that affect demand Signup and view all the answers

What is the primary factor that determines the law of supply?

Price of the good Signup and view all the answers

What is the term for the point at which the supply and demand curves intersect?

Market equilibrium Signup and view all the answers

What happens to the market supply curve when the number of sellers increases?

The curve shifts to the right Signup and view all the answers

What is the primary reason why a buyer may choose to save less and spend more of their current income on ice cream?

The buyer expects to earn a higher income next month Signup and view all the answers

What is the term for the amount that sellers are willing and able to sell?

Quantity supplied Signup and view all the answers