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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
1. Annindividualndemandncurvenisnangraph:
a. thatnplotsnthenquantitynofnannitemnthatnsomeonenplansntonbuy,natneachnprice.
b. thatnplotsnthenquantitynofnannitemnthatnsomeonenplansntonbuy,natnonensinglenpricenpoint.
c. thatnplotsnthenquantitynofnannitemnthatnansellernplansntonsell,natneachnprice.
d. thatnplotsnthenmarketnpricenofnanproductnatndifferentnpointsninntime.
ANSWER:n b
2. Quantityndemandednisnonnthenhorizontalnaxisnwhennyounplotnandemandncurvenandnshowsnthe:
a. amountnofnangoodnthatnanpersonnisnwillingntonbuynatneachnprice.
b. amountnofnangoodnthatnanpersonnactuallynbuysnatnthenmarketnprice.
c. amountnofnangoodnthatnansellernisnwillingntonsellnatnanparticularnprice.
d. amountnwherenopportunityncostnisnequalntonthenmarginalnbenefit.
ANSWER:n a
3. (Figure:nLeonard'snDemandnfornPecannPie)nLooknatnLeonard'snweeklyndemandncurvenfornslicesnofnpie.nHown
manynslicesnofnpienisnLeonardnwillingntonbuynatn$3npernslice?
a. 3nslices
b. 9nslices
c. 7nslices
d. 5nslices
ANSWER:n d
4. (Figure:nLeonard'snDemandnfornPecannPie)nLooknatnLeonard'snweeklyndemandncurvenfornslicesnofnpie.nHown
manynslicesnofnpienisnLeonardnwillingntonbuynatn$2npernslice?
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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
a. 3nslices
b. 9nslices
c. 7nslices
d. 5nslices
ANSWER:n c
5. (Figure:nMia'snDemandnCurvenfornIcenCream)nThenaccompanyingngraphnshowsnMia'sndemandncurvenfornicenc
ream,nhownmanynconesnwouldnMianbenwillingntonbuynatn$5nperncone?
a. 3ncones
b. 9ncones
c. 5ncones
d. 12ncones
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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
ANSWER:n a
6. (Figure:nMia'snDemandnCurvenfornIcenCream)nLooknatnMia'sndemandncurvenfornicencream,nhownmanynconesnisn
Mianwillingntonbuynatn$4nperncone?
a. 6ncones
b. 3ncones
c. 12ncones
d. 9ncones
ANSWER:n a
7. Whyndoesnthendemandncurvenslopendownwards?
a. Itnslopesndownwardnduentonthenpositivenrelationshipnbetweennpricenandnquantityndemanded.
b. Itnslopesndownwardnduentonbuyersnperceivingnfallninnpricenasnanfallninnquality.
c. Itnslopesndownwardnduentonthenlawnofndemand.
d. Itnslopesndownwardnduentonstoresnloweringnthenpricesnonntheirnproducts.
ANSWER:n c
8. Andownward-slopingndemandncurvenimplies:
a. therenisnanninversenrelationshipnbetweennpricenandnquantityndemanded.
b. therenisnanpositivenrelationshipnbetweennpricenandnquantityndemanded.
c. therenisnnonrelationshipnbetweennpricenandnquantityndemanded.
d. buyersnarenwillingntonbuynlessnwhennpricesnarenlower.
ANSWER:n a
9. Thenlawnofndemandnrefersnto
a. thenpositivenrelationshipnbetweennpricenandnquantitynsupplied.
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Chaptern02:nDemand:nThinkingnLikenanBuyer
b. theninversenrelationshipnbetweennpricenandnquantitynsupplied.
c. theninversenrelationshipnbetweennpricenandnquantityndemanded.
d. thenpositivenrelationshipnbetweennpricenandnquantityndemanded.
ANSWER:n c
10. Whichnofnthenfollowingnscenariosndoesnnotnillustratenthenlawnofndemand?
a. WhennKit-Katsnarencheaper,nMarynoptsntonbuynmorenKit-Kats.
b. Darrennbuysntwonpairsnofnjeansnwhenntheynaren$40neach,nbutnonlynonenpairnwhennitnisn$60.
c. Laylanbuysnlessnteanwhennthenpricenofnteanrises.
d. Freyanbuysnmorendoughnutsnwhennthenpricenofndoughnutsnisnhigher.
ANSWER:n d
11. Whichnofnthenfollowingnscenariosnillustratesnthenlawnofndemand?
a. Francisndoesnnotncarenaboutnthenpricenofncoffeenatnthencoffeenshopn–
nhenmustnbuyntwoncappuccinosneverynday,nregardlessnofnthenprice.
b. Anresearchncompanynfindsnthatnthenmorenexpensivenanparticularnbrandnofnandesignernhandbag,nthenmorent
hatnconsumersnarenwillingntonpurchasenthenbrand.
c. Johnnlikesntondrinknspringnwater.nAtn$2nhenbuysnfournbottlesnofnwater,nandnatn$1.50nhenstillnbuysnfournb
ottlesnofnwater.
d. Kathleenneatsnmorensteaknwhennthenpricenisnlow,nandnlessnwhennthenpricenisnhigh.
ANSWER:n d
12. Whennplottingnandemandncurve,
a. quantityndemandednisnonnthenverticalnaxis.
b. pricenisnonnthenhorizontalnaxis.
c. quantitynsuppliednisnonnthenverticalnaxis.
d. quantityndemandednisnonnthenhorizontalnaxis.
ANSWER:n d
13. Whennplottingnandemandncurve
a. quantityndemandednisnonnthenverticalnaxis.
b. pricenisnonnthenhorizontalnaxis.
c. pricenisnonnthenverticalnaxis.
d. quantitynsuppliednisnonnthenverticalnaxis.
ANSWER:n c
14. Anrationalnbuyernwill:
a. keepnbuyingnanproductnuntilnmarginalnbenefitnequalsnprice.
b. buynanproductnuntilnthenmarginalnbenefitnofnconsumingnthenproductnisnlessnthannthenpricenofnthenp
roduct.
c. buynthenproductnonlynwhennthenmarginalnbenefitnofnconsumingnthenproductnisntwicenasnmuchnasnthenp
ricenofnthenproduct.
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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
1. Annindividualndemandncurvenisnangraph:
a. thatnplotsnthenquantitynofnannitemnthatnsomeonenplansntonbuy,natneachnprice.
b. thatnplotsnthenquantitynofnannitemnthatnsomeonenplansntonbuy,natnonensinglenpricenpoint.
c. thatnplotsnthenquantitynofnannitemnthatnansellernplansntonsell,natneachnprice.
d. thatnplotsnthenmarketnpricenofnanproductnatndifferentnpointsninntime.
ANSWER:n b
2. Quantityndemandednisnonnthenhorizontalnaxisnwhennyounplotnandemandncurvenandnshowsnthe:
a. amountnofnangoodnthatnanpersonnisnwillingntonbuynatneachnprice.
b. amountnofnangoodnthatnanpersonnactuallynbuysnatnthenmarketnprice.
c. amountnofnangoodnthatnansellernisnwillingntonsellnatnanparticularnprice.
d. amountnwherenopportunityncostnisnequalntonthenmarginalnbenefit.
ANSWER:n a
3. (Figure:nLeonard'snDemandnfornPecannPie)nLooknatnLeonard'snweeklyndemandncurvenfornslicesnofnpie.nHown
manynslicesnofnpienisnLeonardnwillingntonbuynatn$3npernslice?
a. 3nslices
b. 9nslices
c. 7nslices
d. 5nslices
ANSWER:n d
4. (Figure:nLeonard'snDemandnfornPecannPie)nLooknatnLeonard'snweeklyndemandncurvenfornslicesnofnpie.nHown
manynslicesnofnpienisnLeonardnwillingntonbuynatn$2npernslice?
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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
a. 3nslices
b. 9nslices
c. 7nslices
d. 5nslices
ANSWER:n c
5. (Figure:nMia'snDemandnCurvenfornIcenCream)nThenaccompanyingngraphnshowsnMia'sndemandncurvenfornicenc
ream,nhownmanynconesnwouldnMianbenwillingntonbuynatn$5nperncone?
a. 3ncones
b. 9ncones
c. 5ncones
d. 12ncones
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n n n n n n n n n n
nson
Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
ANSWER:n a
6. (Figure:nMia'snDemandnCurvenfornIcenCream)nLooknatnMia'sndemandncurvenfornicencream,nhownmanynconesnisn
Mianwillingntonbuynatn$4nperncone?
a. 6ncones
b. 3ncones
c. 12ncones
d. 9ncones
ANSWER:n a
7. Whyndoesnthendemandncurvenslopendownwards?
a. Itnslopesndownwardnduentonthenpositivenrelationshipnbetweennpricenandnquantityndemanded.
b. Itnslopesndownwardnduentonbuyersnperceivingnfallninnpricenasnanfallninnquality.
c. Itnslopesndownwardnduentonthenlawnofndemand.
d. Itnslopesndownwardnduentonstoresnloweringnthenpricesnonntheirnproducts.
ANSWER:n c
8. Andownward-slopingndemandncurvenimplies:
a. therenisnanninversenrelationshipnbetweennpricenandnquantityndemanded.
b. therenisnanpositivenrelationshipnbetweennpricenandnquantityndemanded.
c. therenisnnonrelationshipnbetweennpricenandnquantityndemanded.
d. buyersnarenwillingntonbuynlessnwhennpricesnarenlower.
ANSWER:n a
9. Thenlawnofndemandnrefersnto
a. thenpositivenrelationshipnbetweennpricenandnquantitynsupplied.
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Name: Class: Date:
Chaptern02:nDemand:nThinkingnLikenanBuyer
b. theninversenrelationshipnbetweennpricenandnquantitynsupplied.
c. theninversenrelationshipnbetweennpricenandnquantityndemanded.
d. thenpositivenrelationshipnbetweennpricenandnquantityndemanded.
ANSWER:n c
10. Whichnofnthenfollowingnscenariosndoesnnotnillustratenthenlawnofndemand?
a. WhennKit-Katsnarencheaper,nMarynoptsntonbuynmorenKit-Kats.
b. Darrennbuysntwonpairsnofnjeansnwhenntheynaren$40neach,nbutnonlynonenpairnwhennitnisn$60.
c. Laylanbuysnlessnteanwhennthenpricenofnteanrises.
d. Freyanbuysnmorendoughnutsnwhennthenpricenofndoughnutsnisnhigher.
ANSWER:n d
11. Whichnofnthenfollowingnscenariosnillustratesnthenlawnofndemand?
a. Francisndoesnnotncarenaboutnthenpricenofncoffeenatnthencoffeenshopn–
nhenmustnbuyntwoncappuccinosneverynday,nregardlessnofnthenprice.
b. Anresearchncompanynfindsnthatnthenmorenexpensivenanparticularnbrandnofnandesignernhandbag,nthenmorent
hatnconsumersnarenwillingntonpurchasenthenbrand.
c. Johnnlikesntondrinknspringnwater.nAtn$2nhenbuysnfournbottlesnofnwater,nandnatn$1.50nhenstillnbuysnfournb
ottlesnofnwater.
d. Kathleenneatsnmorensteaknwhennthenpricenisnlow,nandnlessnwhennthenpricenisnhigh.
ANSWER:n d
12. Whennplottingnandemandncurve,
a. quantityndemandednisnonnthenverticalnaxis.
b. pricenisnonnthenhorizontalnaxis.
c. quantitynsuppliednisnonnthenverticalnaxis.
d. quantityndemandednisnonnthenhorizontalnaxis.
ANSWER:n d
13. Whennplottingnandemandncurve
a. quantityndemandednisnonnthenverticalnaxis.
b. pricenisnonnthenhorizontalnaxis.
c. pricenisnonnthenverticalnaxis.
d. quantitynsuppliednisnonnthenverticalnaxis.
ANSWER:n c
14. Anrationalnbuyernwill:
a. keepnbuyingnanproductnuntilnmarginalnbenefitnequalsnprice.
b. buynanproductnuntilnthenmarginalnbenefitnofnconsumingnthenproductnisnlessnthannthenpricenofnthenp
roduct.
c. buynthenproductnonlynwhennthenmarginalnbenefitnofnconsumingnthenproductnisntwicenasnmuchnasnthenp
ricenofnthenproduct.
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