Openstax Microeconomics Chapter 3 Study Questions with Answers
demand - correct answers the relationship between price and the quantity demanded of a certain good
or service
price - correct answers the amount a buyer pays for a unit of a good or service
quantity demanded - correct answers the total number of a good service consumers are willing to
purchase at a given price
law of demand - correct answers the common relationship that a higher price leads to a lower quantity
demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all
other variables are held constant
demand schedule - correct answers a table that shows shows a range of prices for a certain good or
service and the quantity demanded at each price
demand curve - correct answers a graphic representation of the relationship between price and quantity
demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical
axis
supply - correct answers the relationship between price and quantity supplied of a certain good or
service
quantity supplied - correct answers the total number of units of a good or service producers are willing
to sell at a given price
law of supply - correct answers the common relationship that a higher price leads to a greater quantity
supplied and lower price leads to a lower quantity supplied, while all other variables are held constant
supply schedule - correct answers a table that shows a range of prices for a good or service and the
quantity supplied at each price
demand - correct answers the relationship between price and the quantity demanded of a certain good
or service
price - correct answers the amount a buyer pays for a unit of a good or service
quantity demanded - correct answers the total number of a good service consumers are willing to
purchase at a given price
law of demand - correct answers the common relationship that a higher price leads to a lower quantity
demanded of a certain good or service and a lower price leads to a higher quantity demanded, while all
other variables are held constant
demand schedule - correct answers a table that shows shows a range of prices for a certain good or
service and the quantity demanded at each price
demand curve - correct answers a graphic representation of the relationship between price and quantity
demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical
axis
supply - correct answers the relationship between price and quantity supplied of a certain good or
service
quantity supplied - correct answers the total number of units of a good or service producers are willing
to sell at a given price
law of supply - correct answers the common relationship that a higher price leads to a greater quantity
supplied and lower price leads to a lower quantity supplied, while all other variables are held constant
supply schedule - correct answers a table that shows a range of prices for a good or service and the
quantity supplied at each price
