ECN 212 Exam Questions with 100% Correct
Answers
A movement upward and to the left along a demand curve is called a(n)
decrease in quantity demanded.
A group of buyers and sellers of a particular good or service is called a(n)
market.
The following table contains a demand schedule for a good.
$4
Figure 4-1.1
Refer to Figure 4-1.1. The movement from point B to point A on the graph shows a(n)
decrease in quantity demanded.
Which of the following examples demonstrates the law of demand?
Kelvin buys more donuts at $0.80 per donut than at $0.95 per donut, other things equal.
"Other things equal, when the price of iron (a good) rises, the quantity demanded of
iron (the good) falls, and when the price (of iron) falls, the quantity demanded (of iron)
rises." This relationship between price and quantity demanded (of iron)
is referred to as the law of demand.
Refer to Table 4-1. If the market consists of Michelle, Laura, and Hillary and the price
falls from $4 to $3, the quantity demanded in the market increases by
5 units.
The market demand curve
Answers
A movement upward and to the left along a demand curve is called a(n)
decrease in quantity demanded.
A group of buyers and sellers of a particular good or service is called a(n)
market.
The following table contains a demand schedule for a good.
$4
Figure 4-1.1
Refer to Figure 4-1.1. The movement from point B to point A on the graph shows a(n)
decrease in quantity demanded.
Which of the following examples demonstrates the law of demand?
Kelvin buys more donuts at $0.80 per donut than at $0.95 per donut, other things equal.
"Other things equal, when the price of iron (a good) rises, the quantity demanded of
iron (the good) falls, and when the price (of iron) falls, the quantity demanded (of iron)
rises." This relationship between price and quantity demanded (of iron)
is referred to as the law of demand.
Refer to Table 4-1. If the market consists of Michelle, Laura, and Hillary and the price
falls from $4 to $3, the quantity demanded in the market increases by
5 units.
The market demand curve
