| Question Answer | a table that lists the quantities of a good a person is willing to buy at each price demand schedule | a table that lists the quantities of a good demanded by all consumers at each price market demand schedule | a graphic representation of a demand schedule demand curve |
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What is a demand curve a table that lists the quantity of a good all consumers in a market will buy at each different price a graphic representation of a demand schedule a table that lists the quantity of a good a person will buy at each different price consumers buying more of a good?
In economics, a demand schedule is a table that shows the quantity demanded of a good or service at different price levels. A demand schedule can be graphed as a continuous
demand curve
on a chart where the Y-axis represents price and the X-axis represents quantity.
What is the law of demand a table that lists the quantity of a good all consumers in a market will buy at each different price a tendency for consumers to buy more of a good when its price decreases and less when its price increases a table that lists the quantity of a good a person will?
A demand schedule
What is the law of demand a table that lists the quantity of a good all consumers in a market will buy at each different price the desire to own something and the ability to pay for it a table that lists the quantity of a good a person will buy at each different price a tendency for consumers to buy?
Demand schedule and demand curve
A demand schedule is a table that shows the quantity demanded at each price. A demand curve is a graph that shows the quantity demanded at each price. Sometimes the demand curve is also called a demand schedule because it is a graphical representation of the demand scheduls.
Is a graphical representation of a demand schedule?
The graphical representation of a demand schedule is called
a demand curve
.
What is a good that replaces another demanded good?
Substitution Effect
– a good that replaces another demanded good. Law of demand – the way that a change in price determines whether or not consumers buy goods. Complement- a good that is always used with another good.
What are goods that consumers demand more of when their income increases?
A normal good
is a good that consumers demand more of when their incomes increase. An inferior good is a good that consumers demand less of when their income increases.
Which best describes a reason that consumer demand can change?
Which best describes a reason that consumer demand can change? …
It helps consumers tell producers when prices are too high
.
What are two goods that are bought and used together?
| A B | two goods that are bought and used together complements | “all other things held constant” ceteris paribus | when consumers react to a price rise of one good by consuming less of that good and more of another good in its place substitution effect |
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What causes an increase in supply?
Essentially, a change in supply is an increase or decrease in the quantity supplied that is paired with a higher or lower supply price. A change in supply can occur as a
result of new technologies
, such as more efficient or less expensive production processes, or a change in the number of competitors in the market.
What are the two variables needed to calculate demand?
What are the two variables needed to calculate demand?
The price of a product and the quantity available at any given time
are the variables needed to calculate demand.
What is the difference between individual demand and market demand?
Individual demand is influenced by
an individual’s age, sex, income, habits, expectations and the prices of competing goods in the marketplace
. Market demand is influenced by the same factors, but on a broader scale – the taste, habits and expectations of a community and so on.
When prices rise what happens to income?
When prices rise, what happens to income?
It goes down
.
What is a change in demand?
A change in demand represents
a shift in consumer desire to purchase a particular good or service
, irrespective of a variation in its price. … An increase and decrease in total market demand is represented graphically in the demand curve.
What is it called when the government uses some tool other than money to allocate goods?
What is it called when the government uses some tool other than money to allocate goods?
Rationing
.
What is the effect of import restrictions on prices group of answer choices?
What effect do import restrictions have on prices?
They cause prices to rise. They cause prices to drop
. They often cause prices to rise steeply and then drop.
