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Questions and Answers
What do economists mean by demand?
What do economists mean by demand?
- The willingness of consumers to buy goods and services
- The total number of units purchased at a specific price
- The amount of a good or service consumers are willing and able to purchase at each price (correct)
- The ability of consumers to pay for goods and services
What happens to the quantity demanded when the price of a good or service decreases?
What happens to the quantity demanded when the price of a good or service decreases?
- It increases (correct)
- It remains the same
- It fluctuates
- It decreases
What is the relationship between price and quantity demanded called?
What is the relationship between price and quantity demanded called?
- The law of demand (correct)
- The demand curve
- The law of supply
- The supply curve
What is the term used for the amount of some good or service consumers are willing and able to purchase at each price?
What is the term used for the amount of some good or service consumers are willing and able to purchase at each price?
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What determines the effective demand for a good or service?
What determines the effective demand for a good or service?
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