The various quantities of a good that consumers are willing to purchase at each possible price is the
demand
quanitity demanded
supply
quantity supplies
equilibrium
Which of the following helps to establish the slope of the demand curve?
The sustitution effect
The income effect
Diminishing marginal utility
All of the above
None of the above
A rise in the price of corn, a substitution for potatoes, will
increase the demand for potatoes.
increase the demand for corn
decrease the demand for potatoes.
decrease the demand for corn.
decrease the price of potatoes.
A good is classified as inferior if the demand for it increases when
its price increases
its price decreases
consumers' incomes increase
consumers' incomes decrease
the price of a substitute increases
According to the graph above, which demand curve is most elastic?
Demand1
Demand2
Demand3
All three have the same elasticity
Elasticity cannot be determined with information given.
If, relative to other goods, the marginal utility of a good declines modestly as additional units of the good are consumed, we would then expect to see this reflected in
lower demand for the good
higher demand for the good
a more elastic demand for the good
a more inelastic demand for the good
a higher equilibrium price for the good
Which of the following would increase the demand for a normal good?
A decrease in the cost of production
A decrease in the price of the good
An increase in the price of the good
An increase in consumer income
A decrease in consumer income
Which of the following is most likely to increase the demand for economics teachers?
An increase in the wages of economics teachers
A decrease in the wages of economics teachers
An increase in the supply of economics techers
An increase in the enrollment in economics classes