Ch 3 Individual Markets: Demand And Supply

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Review for ch 3 McConnell and Brue 15 ed.

  
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1.  A market is any arrangement that brings together the buyers and sellers of a particular good or service.
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2.  Demand is the amount of a good or service that a buyer will purchase at a particular price.
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B.
3.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
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B.
4.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
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5.  The substitution effect suggests that, at a lower price, you have the incentive to substitute the more expensive product for similar products which are relatively less expensive.
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6.  The is no difference between individual demand schedules and the market demand schedules.
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7.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
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8.  If price falls, there will be an increase in demand.
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9.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
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10.  An increase in income will tend to increase the demand for a product.
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B.
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