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Questions and Answers
Which of the following best defines market demand?
Which of the following best defines market demand?
- The total quantity of a good or service that consumers are willing and able to sell at a given price and time
- The total quantity of a good or service that consumers are willing and able to buy at a given price and time (correct)
- The total quantity of a good or service that producers are willing and able to buy at a given price and time
- The total quantity of a good or service that producers are willing and able to sell at a given price and time
What does the demand curve show?
What does the demand curve show?
- The relationship between the price of a good and the number of consumers in the market
- The relationship between the price of a good and consumer income
- The relationship between the price of a good and the quantity demanded by consumers (correct)
- The relationship between the price of a good and the quantity supplied by producers
Why does the demand curve slope downward?
Why does the demand curve slope downward?
- Because as the price of a good decreases, the quantity demanded by consumers decreases (correct)
- Because as the price of a good decreases, the quantity supplied by producers decreases
- Because as the price of a good increases, the quantity supplied by producers increases
- Because as the price of a good increases, the quantity demanded by consumers increases
What factors can shift the demand curve?
What factors can shift the demand curve?
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What does the supply curve show?
What does the supply curve show?
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