ECONOMICS CHAPTER 4 QUESTIONS AND GRADED
ANSWERS, 100% GUARANTEE
microeconomics - area of economics that deals with behavior and decision making of
small units
demand curve - graph showing the quantity demanded at each and every price at a given
time
demand - the desire, ability, and willingness to buy a product
marginal utility - the extra usefullness or satisfaction a person gets from acquiring or
using one more unit of a product
diminishing marginal utility - the decrease in satisfaction or usefulness recieved from each
additional unit of a product
law of demand - more of a product will be purchaced at low prices than at high ones
downward - in what direction is the demand curve ALWAYS sloping?
desire, ability, willingness - what three things must exist in order for there to be demand?
change in quantity demanded - illustrated by movement along the demand curve
income effect - change in quantity demanded due to a change in the price that alters a
consumer's real income
ANSWERS, 100% GUARANTEE
microeconomics - area of economics that deals with behavior and decision making of
small units
demand curve - graph showing the quantity demanded at each and every price at a given
time
demand - the desire, ability, and willingness to buy a product
marginal utility - the extra usefullness or satisfaction a person gets from acquiring or
using one more unit of a product
diminishing marginal utility - the decrease in satisfaction or usefulness recieved from each
additional unit of a product
law of demand - more of a product will be purchaced at low prices than at high ones
downward - in what direction is the demand curve ALWAYS sloping?
desire, ability, willingness - what three things must exist in order for there to be demand?
change in quantity demanded - illustrated by movement along the demand curve
income effect - change in quantity demanded due to a change in the price that alters a
consumer's real income
