Other things remaining the same, an individual demand schedu

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Economics

Other things remaining the same, an individual demand schedu

Other things remaining the same, an individual demand schedule shows the various quantities of a go… Show more Other things remaining the same, an individual demand schedule shows the various quantities of a good: A)that a person wants and is able to purchase at alternative prices. B)that are demanded with a change in the quantity demanded of a substitute good. C)that a person is able to purchase at alternative income levels. D)that are demanded at various levels of utility. E)that are demanded by the market at various prices. Identify the correct statement. A)Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price. B)Demand for a product is the same as the quantity demanded of a product. C)Demand represents the different quantities of a good or service that provides consumers the same amount of utility. D)Demand is the quantity of a product that people are willing and able to purchase at different prices. E)Demand is the quantity of a product that producers are willing to produce at a particular price. The amount of a product that people are willing and able to purchase at a specific price is referred to as the: A)demand. B)quantity demanded. C)law of demand. D)consumption function. E)purchasing power. According to the law of demand, if the price of movie rentals decreases, ceteris paribus,: A)the demand for movie rentals would increase. B)the quantity demanded of movie rentals would decrease. C)the quantity demanded of movie rentals would increase. D)the demand for movie rentals would decrease. E)the quantity demanded of movie rentals would not change. Which of the following statements correctly defines the law of demand? A)The lower the price of a commodity, the lower the quantity demanded of that commodity. B)As the price of a commodity increases, the quantity demanded of that commodity also increases. C)The lower the price of a commodity, the greater the quantity of that commodity that is demanded. D)The lower the price of a commodity, the greater the quantity of that commodity that is supplied. E)The quantity demanded of a particular good decreases with an increase in the price of a substitute good. Which of the following determines the quantity demanded of a commodity? A)The income levels of consumers B)The price of the commodity C)The number of buyers D)The prices of related commodities E)Consumers’ expectations The demand curve of a commodity slopes downward because of: A)the insatiable nature of human wants. B)the presence of double coincidence of wants. C)the law of demand. D)the scarcity of goods and services in an economy. E)the law of diminishing marginal utility. Consider a demand curve for peaches. Which of the following movements will be observed if the price of peaches decline at a point in time? A)The demand curve will rotate inward at the given price level. B)The will be a movement up along the demand curve. C)The demand curve will rotate outward at the given price level. D)There will be a movement down along the demand curve. E)There will be no change in the demand curve. The market demand curve is derived by: A)studying an individual’s demand for a product over a year. B)comparing the monthly consumption of a group of people. C)surveying a set of consumers and ascertaining their preferences. D)adding up the quantities that consumers in a market are willing and able to purchase at each price. E)calculating the average price a random sample of consumers are willing to pay for a product. Calculate the market demand at prices $5, $4, $3, $2, and $1 respectively using the table given below which reports the quantity demanded of a good by individuals 1, 2, and 3 at different prices. Price per DVD ($) Quantity Demanded 1 Quantity Demanded 2 Quantity Demanded 3 5 10 15 5 4 20 25 15 3 30 35 25 2 40 45 35 1 50 55 45 A)Market demand is 30, 40, 50, 60, and 70 B)Market demand is 30, 60, 90, 120, and 150 C)Market demand is 30, 50, 70, 90, and 1,100 D)Market demand is 10, 30, 40, 50, and 70 E)Market demand is 10, 20, 30, 40, and 50 If Quantity Demanded 1, Quantity Demanded 2, and Quantity Demanded 3 in the table below are market demand schedules, then the change from Quantity Demanded 1 to Quantity Demanded 2 may have been due to: Price per DVD ($) Quantity Demanded 1 Quantity Demanded 2 Quantity Demanded 3 5 10 15 5 4 20 25 15 3 30 35 25 2 40 45 35 1 50 55 45 A)an increase in price. B)a decrease in the number of sellers. C)an increase in the number of buyers. D)a decrease in price. E)an increase in the price of a complementary good. PLEASE SHOW ME YOUR WORK FOR THE ANSWERS THAT YOU SELECTED AND I WILL RATE YOU. SHOW ME THAT YOU’RE CONFIDENT OF YOUR ANSWERS AND I WILL RATE YOU. I APPRECIATE ALL OF YOUR EXPERT ADVICE. • Show less

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