Econ U1ch. 3 Supply & Demand

What is the best definition for Demand?

• Amount sellers offer for sale at all prices in a market
• List showing quantity demanded at each price
• Desire, ability, & willingness to buy product
• The point where the Demand and Supply Curves meet.

What happenes to Quantity Demanded as price increases?

• Quantity Demanded would Rise
• Quantity Demanded would Fall
• Quantity Supplied would Rise
• Quantity Supplied would Fall

What happenes to Quantity Demanded as price decreases?

• Quantity Demanded would Rise
• Quantity Demanded would Fall
• Quantity Supplied would Rise
• Quantity Supplied would Fall

What does a Demand Schedule show you?

• Amount sellers offer for sale at all prices in a market
• List showing quantity demanded at each price
• Quantity Supplied would Rise
• Listing that shows quantity supplied at every price

What is the best definition for Diminishing Marginal Utility?

• Decreasing additional happiness with each purchase
• The point where the Demand and Supply Curves meet.
• People with all of their skills and abilities.
• Happiness/Satisfaction

What direction would an increase in Quantity Demanded shift a Demand Curve?

• Left
• Right

Which 3 answer choices are Demand Determinants that can change consumers level of Demand?

• Consumer Tastes
• Consumer Income
• Number of Consumers
• Consumer Location

Which answer choice is not a Demand Determinant that can change consumers level of Demand?

• Expectations
• Cost of inputs
• Price of Compliments
• Price of Substitutes

What happenes to Quantity Supplied as price increases?

• Quantity Demanded would Rise
• Quantity Demanded would Fall
• Quantity Supplied would Rise
• Quantity Supplied would Fall

What happenes to Quantity Supplied as price decreases?

• Quantity Demanded would Rise
• Quantity Demanded would Fall
• Quantity Supplied would Rise
• Quantity Supplied would Fall