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ECON 208 Chapter 3 || QUESTIONS & ANSWERS 100% SOLVED!!
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The time period to which quantity demanded refers when constructing demand curves is correct answers any specified time period The term "quantity demanded" refers to the correct answers total amount of a good that purchasers wish to purchase at a given price during a given period of time A v...

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  • August 19, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • the time period to which quantity demanded refers

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  • ECON 208
  • ECON 208

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ECON 208 Chapter 3 || QUESTIONS & ANSWERS 100%
SOLVED!!
The time period to which quantity demanded refers when constructing demand curves is
correct answers any specified time period

The term "quantity demanded" refers to the correct answers total amount of a good that
purchasers wish to purchase at a given price during a given period
of time

A variable that is a "stock" correct answers has meaning only at a point in time

Ceteris paribus means correct answers other things being equal

The "law of demand" hypothesizes that, other things being equal, correct answers the higher
the price, the lower the quantity demanded

In a market for a good or service, the quantities demanded and supplied are correct answers
both flow variables

For a given commodity, quantity demanded can be represented by correct answers a point on
a demand curve

A demand curve is a representation of the relationship, ceteris paribus, between quantity
demanded and correct answers price

The "law of demand" describes correct answers an inverse relationship between the price of a
good and the quantity of the good demanded
per unit of time, other things being equal

An important assumption underlying a demand schedule is that correct answers everything
else except the product's price is being held constant

A demand curve represents graphically correct answers the quantity demanded per unit of
time at various prices

To say that the demand curve for movies is negatively sloped means that correct answers less
quantity will be demanded at higher prices

A change in demand is said to take place when there is a correct answers shift of the demand
curve

A normal good is one correct answers for which demand varies directly with household
income

What is an inferior good? correct answers a good for which demand varies inversely with
household income

Consider butter and margarine, which are substitutes. When the price of butter falls, the

, demand curve for margarine is likely to correct answers shift to the left

Goods X and Y are defined to be substitutes in consumption if correct answers the demand
for Y varies directly with the price of X

If the price of tea falls and as a consequence the demand for sugar rises, then tea and sugar
are correct answers complementary goods

If goods X and Y are substitutes and the price of X falls, all other things being equal, the
demand curve for Y will correct answers shift to the left

If tastes change so that a particular style of boots is now considered more appealing, the
likely result is correct answers a shift in the demand curve to the right

Cars and gasoline are likely to be correct answers complementary goods

Consider cars and gasoline. Other things being equal, when the price of cars decreases, the
demand for gasoline is likely to correct answers increase because the two goods are
complements

If goods X and Y are complements and the price of X falls, all other things being equal, the
demand curve for Y will correct answers shift to the right

Ceteris paribus, the position of the demand curve for apples will remain unchanged if there is
a change in the correct answers price of apples

A variable that is assumed to be constant along an individual's demand curve for good X is
the correct answers price of a substitute good, Y

"Demand" in a particular market refers to correct answers the entire relationship between
quantity demanded and price

When deriving the market demand curve for a commodity, the only variable(s) that can
change is (are) the correct answers quantity of the commodity demanded
and
price of the commodity

Consider the following two statements. (1) An increase in the price of eggs will cause a
decrease in the demand for eggs. (2) An increase in the price of eggs will cause a decrease in
the
demand for bacon. In which of these two statements is the term "demand" used correctly?
correct answers the second statement only

Suppose new medical research suggests that consuming 200 grams of tofu everyday helps to
prevent heart disease. Widespread knowledge of this research, other things being equal, is
likely
to have what impact on the market for tofu? correct answers shift the whole demand curve to
the right

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