Test Bank for Principles of Microeconomics 2nd Edition Taylor Principles of Microeconomics 2e OpenStax Test bank |newest guide 2024|2025.Test Bank for Principles of Microeconomics 2nd Edition Taylor Principles of Microeconomics 2e OpenStax Test bank |newest guide 2024|2025.Test Bank for Principle...
,1.An individual demand curve is a graph:
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a. that plots the quantity of an item that someone plans to buy, at each price.
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b. that plots the quantity of an item that someone plans to buy, at one single price point.
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c. that plots the quantity of an item that a seller plans to sell, at each price.
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d. that plots the market price of a product at different points in time.
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ANSWER: b ju
2. Quantity demanded is on the horizontal axis when you plot a demand curve and shows the:
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a. amount of a good that a person is willing to buy at each price.
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b. amount of a good that a person actually buys at the market price.
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c. amount of a good that a seller is willing to sell at a particular price.
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d. amount where opportunity cost is equal to the marginal benefit.
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ANSWER: a ju
3. (Figure: Leonard's Demand for Pecan Pie) Look at Leonard's weekly demand curve for slices of pie.
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Howmany slices of pie is Leonard willing to buy at $3 per slice?
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a. 3 slices ju
b. 9 slices ju
c. 7 slices ju
d. 5 slices ju
ANSWER: d ju
4. (Figure: Leonard's Demand for Pecan Pie) Look at Leonard's weekly demand curve for slices of pie.
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Howmany slices of pie is Leonard willing to buy at $2 per slice?
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, a. 3 slices
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b. 9 slices
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c. 7 slices
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d. 5 slices
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ANSWER: c ju
5. (Figure: Mia's Demand Curve for Ice Cream) The accompanying graph shows Mia's demand curve for
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icecream, how many cones would Mia be willing to buy at $5 per cone?
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a. 3 cones
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b. 9 cones
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c. 5 cones
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d. 12 cones
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, ANSWER: a ju
6. (Figure: Mia's Demand Curve for Ice Cream) Look at Mia's demand curve for ice cream, how many cones
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isMia willing to buy at $4 per cone?
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a. 6 cones ju
b. 3 cones ju
c. 12 cones ju
d. 9 cones ju
ANSWER: a ju
7. Why does the demand curve slope downwards?
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a. It slopes downward due to the positive relationship between price and quantity demanded.
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b. It slopes downward due to buyers perceiving fall in price as a fall in quality.
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c. It slopes downward due to the law of demand.
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d. It slopes downward due to stores lowering the prices on their products.
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ANSWER: c ju
8. A downward-sloping demand curve implies:
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a. there is an inverse relationship between price and quantity demanded.
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b. there is a positive relationship between price and quantity demanded.
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c. there is no relationship between price and quantity demanded.
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d. buyers are willing to buy less when prices are lower.
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ANSWER: a ju
9. The law of demand refers to
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a. the positive relationship between price and quantity supplied.
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