1.
What term best describes the buyers and sellers available for a particular product?
A. Market
B. Demand
C. Company
D. Supply
Correct:
The Correct Answer is: A.
“A market consists of all the buyers and sellers for a particular product” (Jones,
2007 , p. 13).
Concept: Law of Demand
, 2.
When looking at a demand curve for a particular product. The slope falls downward from
left to right. This slope shows which of the following:
A. As price decreases, quality increases.
B. As price decreases, quantity increases.
C. As quantity decreases, price decreases.
D. As price increases, quality increases.
Correct:
The Correct Answer is: B.
As the price for a good or service falls, the demand will increase with respect to the
quantity of goods or services purchased; looking at the demand curve, the slope falls
downward from left to right.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NURSINGUNIVERSITYWALDEN. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
