Theory of Demand Flashcards
1
Q
Explain the Demand Curve
(Info Only)
A
2
Q
Explain the shape (slope) of a NORMAL demand curve
Explain the Law of Demand
A
3
Q
Explain the shape (slope) of an ABNORMAL demand curve.
Explain exceptions to the Law of Demand
Can you explain an UPWARD SLOPING demand curve?
Explain, using examples, the reasons for some demand curves NOT BEING DOWNWARD SLOPING.
Explain reasons why the demand curve for some goods SLOPES UPWARDS from left to right.
A
4
Q
Explain SHIFTS in the Demand Curve
A
5
Q
Factors that cause a SHIFT in the demand curve
Describe the DETERMINANTS OF DEMAND
A
6
Q
Describe, using an example, what is meant by JOINT DEMAND
A
7
Q
Difference between Joint Demand and Competitive Demand
A
8
Q
Describe the LAW OF DIMINISHING MARGINAL UTILITY
A
9
Q
Difference between TOTAL and MARGINAL UTILITY
A
