Question 1

When you give up the opportunity to do something else,the value to you of that activity is called

Accepted Answer

A)  opportunity demand. 
B)  opportunity cost. 
C)  market price. 
D)  equilibrium. 
A)  opportunity demand. 
B)  opportunity cost. 
C)  market price. 
D)  equilibrium.

Question 2

Explain why a demand curve slopes downward.

Accepted Answer

As price decreases,the quantity demanded

Question 3

The demand schedule is a description of the behavior of _____ in a market.

Accepted Answer

A)  sellers 
B)  buyers 
C)  a supply schedule 
D)  a demand schedule 
A)  sellers 
B)  buyers 
C)  a supply schedule 
D)  a demand schedule

Question 4

In economics,satiation means

Accepted Answer

A)  eventually the marginal value of the good consumed increases. 
B)  that you are full. 
C)  eventually the marginal value of the good consumed decreases. 
D)  that the market price has been attained. 
A)  eventually the marginal value of the good consumed increases. 
B)  that you are full. 
C)  eventually the marginal value of the good consumed decreases. 
D)  that the market price has been attained.

Question 5

The market price is

Accepted Answer

A)  the exact price a product sells for at a specific time. 
B)  the typical price at which a good or service sells. 
C)  always easy to determine. 
D)  usually higher than the equilibrium price. 
A)  the exact price a product sells for at a specific time. 
B)  the typical price at which a good or service sells. 
C)  always easy to determine. 
D)  usually higher than the equilibrium price.

When you give up the opportunity to do something else,the value to you of that activity is called

Explain why a demand curve slopes downward.

The demand schedule is a description of the behavior of _____ in a market.

In economics,satiation means

The market price is

Introduction

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

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Exam 2: Demand and Supply: The Basics of the Market Economy

When you give up the opportunity to do something else,the value to you of that activity is called

Explain why a demand curve slopes downward.

The demand schedule is a description of the behavior of _____ in a market.

In economics,satiation means

The market price is

Introduction

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

Government and the Economy

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters