Podcast
Questions and Answers
Which of the following best defines demand?
Which of the following best defines demand?
- The desire for a good or service and the willingness to pay for it
- The desire for a good or service and the ability to pay for it (correct)
- The desire for a good or service
- The desire for a good or service and the ability to afford it
Which of the following is an example of demand?
Which of the following is an example of demand?
- Joe wanting to buy a new house
- Joe wanting to buy a new Toyota car (correct)
- Joe wanting to buy a new phone
- Joe wanting to buy a Rolls Royce Phantom
What does the law of demand state?
What does the law of demand state?
- Buyers purchase more of an item when it is less expensive (correct)
- Sellers sell more products when prices are higher
- Buyers purchase more of an item when it is more expensive
- Sellers sell more products when prices are lower
Which brand of jeans usually sells at a price closer to $100 per pair?
Which brand of jeans usually sells at a price closer to $100 per pair?
Why are Wrangler jeans produced at a higher rate than Miss Me jeans?
Why are Wrangler jeans produced at a higher rate than Miss Me jeans?
What is the substitution effect?
What is the substitution effect?
What is the income effect?
What is the income effect?
Which of the following is an example of a factor that affects supply?
Which of the following is an example of a factor that affects supply?
What does ceteris paribus mean?
What does ceteris paribus mean?
What is a subsidy?
What is a subsidy?
Why might producers make fewer products if the demand for a product is not sustainable at an increased price?
Why might producers make fewer products if the demand for a product is not sustainable at an increased price?
Which of the following is NOT a factor that affects supply?
Which of the following is NOT a factor that affects supply?
What can be a result of an increase in labor cost, materials, utilities, and shipping?
What can be a result of an increase in labor cost, materials, utilities, and shipping?
What is the purpose of government subsidies?
What is the purpose of government subsidies?
What is an example of a product that may have heavy taxes to reduce demand?
What is an example of a product that may have heavy taxes to reduce demand?
Which of the following is an example of the substitution effect?
Which of the following is an example of the substitution effect?
What is the main difference between the substitution effect and the income effect?
What is the main difference between the substitution effect and the income effect?
What is the law of supply?
What is the law of supply?
Which of the following is an example of a product with a limited supply?
Which of the following is an example of a product with a limited supply?
Which of the following is a requirement for there to be demand for a good or service?
Which of the following is a requirement for there to be demand for a good or service?
Based on the text, why does the law of demand state that buyers purchase more of an item when it is less expensive?
Based on the text, why does the law of demand state that buyers purchase more of an item when it is less expensive?
Why does the law of demand not apply to Joe's desire to purchase a Rolls Royce Phantom?
Why does the law of demand not apply to Joe's desire to purchase a Rolls Royce Phantom?
Which of the following best describes the concept of demand?
Which of the following best describes the concept of demand?
Which of the following is an example of a demand?
Which of the following is an example of a demand?
According to the law of demand, what happens to the quantity of a product that buyers purchase when its price increases?
According to the law of demand, what happens to the quantity of a product that buyers purchase when its price increases?
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