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Microeconomics: Supply, Demand, and Price Review Questions with complete Solutions Graded A+ CA$11.53   Add to cart
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Microeconomics: Supply, Demand, and Price Review Questions with complete Solutions Graded A+
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  • Microeconomics

Microeconomics: Supply, Demand, and Price Review Questions with complete Solutions Graded A+ A factor that most influences changes in consumer demand is quantity. price. quality. competition. - Answers b. price. The graph shows a demand curve. What changes does the graph show? an inc...

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  • October 10, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • microeconomics supply
  • demand
  • pricing

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  • Microeconomics
  • Microeconomics

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Microeconomics: Supply, Demand, and Price Review Questions with complete Solutions Graded A+

A factor that most influences changes in consumer demand is

quantity.

price.

quality.

competition. - Answers b. price.

The graph shows a demand curve.



https://gyazo.com/457cdc96fdc241ab979b265ff78be7c6



What changes does the graph show?



an increase in demand

a decrease in demand

a stable demand and an increase in price

a decrease in both the quantity demanded and the quantity supplied - Answers b. a decrease in
demand.

Consumer demand is defined as



how frequently the prices change.

the willingness and ability people have to buy a good.

how frequently the people are willing pay for something.

how often people want something delivered. - Answers b. the willingness and ability people have to buy
a good.

Which best explains how the law of demand affects consumers?

, It helps consumers know when prices are going down.

It helps consumers know when prices are going up.

It helps consumers tell producers when prices are too high.

It helps consumers tell producers when to make new goods. - Answers c. It helps consumers tell
producers when prices are too high.

A demand curve shows how changes in



consumer demand affects income.

prices affect the consumer demand.

prices affect complementary goods.

consumer demand affects substitute goods. - Answers b. prices affect the consumer demand.

The graph shows a demand curve.



https://gyazo.com/fbba9cb57298ac6506f2445fdcde1a33



Which most likely accounts for the changes shown on the demand curve?



More consumers want a product.

Fewer consumers want a product.

The price of a product rises a little.

The price of a product rises sharply.

Submitted - Answers a. More consumers want a product.

Consumers create demand for



goods and services.

sales and low prices.

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