Econ 201 (wvu)-Exam 2
The curve that shows the relationship between the price of a good and the quantity that
consumers are willing to purchase at each price is the - Answer: demand curve
A demand curve for concert tickets would show the - Answer: number of tickets that will be
purchased at various prices
In economics, the demand for a good refers to the amount of the good people - Answer: are
willing to buy at various prices.
The law of demand indicates that - Answer: the quantity of a good that people will buy is
inversely related to the price of the good.
How will consumers generally react to an increase in the price of butter? - Answer: They will
substitute other goods like margarine for the more expensive butter.
How will consumers generally react to a decrease in the price of a product? - Answer: They will
purchase more of it.
A movement along a demand curve - Answer: is the result of a change in the price of the good.
The demand curve for a good - Answer: indicates the quantities of the good that people will buy
at various prices.
Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from
$1.50 to $1.25 per dozen, - Answer: a larger quantity of cookies will be demanded.
Each point on the demand curve indicates - Answer: the quantity demanded at that price.
, Econ 201 (wvu)-Exam 2
If price rises, what happens to the demand for a product? - Answer: It does not change.
If price rises, what happens to the quantity demanded for a product? - Answer: It decreases.
A decrease in the price of a good would - Answer: increase the quantity demanded of the good.
A demand curve shows the relationship between price and quantity demanded, other things
constant. These other things include which of the following... - Answer: consumer preferences
the price of substitute goods
consumer income
When economists say the demand for a product has decreased, they mean - Answer: the
demand curve has shifted to the left.
When economists say the demand for a product has increased, they mean the - Answer:
demand curve has shifted to the right.
In which statement(s) is "demand" used correctly?
(I) "An increase in the price of hot dogs will reduce the demand for hot dogs."(II) "An increase in
the price of hot dogs will reduce the demand for hot dog buns." - Answer: in statement II only
In which statement(s) are "demand" and "quantity demanded" used correctly?
(I). "An increase in the price of coffee will reduce the quantity demanded of coffee"(II). "An
increase in the price of coffee will reduce the demand for creamer used in coffee" - Answer: in
both statements I and II
When economists say the quantity demanded of a product has increased, they mean the -
Answer: price of the product has fallen, and consequently, consumers are buying more of it.
The curve that shows the relationship between the price of a good and the quantity that
consumers are willing to purchase at each price is the - Answer: demand curve
A demand curve for concert tickets would show the - Answer: number of tickets that will be
purchased at various prices
In economics, the demand for a good refers to the amount of the good people - Answer: are
willing to buy at various prices.
The law of demand indicates that - Answer: the quantity of a good that people will buy is
inversely related to the price of the good.
How will consumers generally react to an increase in the price of butter? - Answer: They will
substitute other goods like margarine for the more expensive butter.
How will consumers generally react to a decrease in the price of a product? - Answer: They will
purchase more of it.
A movement along a demand curve - Answer: is the result of a change in the price of the good.
The demand curve for a good - Answer: indicates the quantities of the good that people will buy
at various prices.
Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from
$1.50 to $1.25 per dozen, - Answer: a larger quantity of cookies will be demanded.
Each point on the demand curve indicates - Answer: the quantity demanded at that price.
, Econ 201 (wvu)-Exam 2
If price rises, what happens to the demand for a product? - Answer: It does not change.
If price rises, what happens to the quantity demanded for a product? - Answer: It decreases.
A decrease in the price of a good would - Answer: increase the quantity demanded of the good.
A demand curve shows the relationship between price and quantity demanded, other things
constant. These other things include which of the following... - Answer: consumer preferences
the price of substitute goods
consumer income
When economists say the demand for a product has decreased, they mean - Answer: the
demand curve has shifted to the left.
When economists say the demand for a product has increased, they mean the - Answer:
demand curve has shifted to the right.
In which statement(s) is "demand" used correctly?
(I) "An increase in the price of hot dogs will reduce the demand for hot dogs."(II) "An increase in
the price of hot dogs will reduce the demand for hot dog buns." - Answer: in statement II only
In which statement(s) are "demand" and "quantity demanded" used correctly?
(I). "An increase in the price of coffee will reduce the quantity demanded of coffee"(II). "An
increase in the price of coffee will reduce the demand for creamer used in coffee" - Answer: in
both statements I and II
When economists say the quantity demanded of a product has increased, they mean the -
Answer: price of the product has fallen, and consequently, consumers are buying more of it.
