Whichofthefollowingistheleastlikelytobeacompetitivemarket?
A. ice cream
B. soybeans
C. cable television
D. new houses
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Thequantitydemandedofagoodistheamountthatbuyersare
A. willing to purchase.
B. willing and able to purchase.
C. willing, able, and need to purchase.
D. able to purchase.
Amovementupwardandtotheleftalongademandcurveiscalleda(n)
A. increase in demand.
B. decrease in demand.
C. decrease in quantity demanded.
D. increase in quantity demanded.
“Otherthingsequal,whenthepriceofagoodrises,thequantitydemandedofthegoodfalls,andwhenthepricefalls,thequantitydemandedrises.”Thisrelationshipbetweenpriceandquantitydemandedisreferredtoas
A. equilibrium.
B. the law of demand.
C. the relationship between supply and demand.
D. the definition of an inferior good.
Whenwemovealongagivendemandcurve,
A. only price is held constant.
B. income and price are held constant.
C. all nonprice determinants of demand are held constant.
D. all determinants of quantity demanded are held constant.
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