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ECON 705 Module 1 Exam Latest /Questions And Answers Graded (A+)
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ECON 705 Module 1 Exam Latest 2023-2024/Questions And Answers Graded (A+)
Quiz :Market - Answer :any arrangement that brings together buyers and
sellers
Quiz :Market demand curve - Answer :the horizontal summation of individual
consumers' demand curves
Quiz :law of demand - Answer :the quantity demanded of a good or service is
inversely related to price
also called ceteris paribus
Quiz :The decline in the market price of good x results in - Answer :an
increase in quantity demanded
Quiz :Income effect - Answer :as a product's price declines, a buyer's real
purchasing power increases
an increase of price reduce's purchasing power
Quiz :Substitution Effect - Answer :When there is no change in real purchasing
power, an increase in the price of a good will cause buyers to unambiguously
shift their purchases into relatively less expensive substitutes
Quiz :Demand Determinants - Answer :factors other than the price of a good
that affects market demand
Quiz :Increase in consumers' money income - Answer :will increase the
demand of most goods or services
Quiz :Demand for inferior goods - Answer :varies inversely with consumers'
money income
For example:
during an economic expansion, rising incomes, sales and profits, the market
demand for the services of bankruptcy lawyers and accountants decline (left
shift on the market demand curve)
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