unit 6- demand

Question 1

a combination of price, quantity demanded, preference and income

Answer 1

demand

Question 2

absent of income or preference factors, as prices go up…

Answer 2

quantity demanded goes down

Question 3

absent of income or preference factors, as prices go down…

Answer 3

quantity demanded goes up

Question 4

a difference in preferences or income can…

Answer 4

shift the entire demand curve itself

Question 5

the demand curve determines

Answer 5

how many people will buy goods at given prices

Question 6

consumers prefer higher quality goods to lower quality goods when

Answer 6

income levels are raised

Question 7

consumers prefer lower quality goods to higher quality goods when

Answer 7

income levels are decreased

Question 8

a table listing possible prices for a good with a corresponding quantity demanded

Answer 8

demand schedule

Question 9

as more units are consumed, each additional unit provides less additional satisfaction than the previous unit

Answer 9

diminishing marginal utility

Question 10

goods that generally go together

Answer 10

compliment goods

Question 11

goods that replace another

Answer 11

substitute goods