Quiz 1

Question 1

The forces of ____________ establish the price that best serves both producers and consumers

Answer 1

supply and demand

Question 2

_________ is the desire to have a good or service and the ability to pay for it

Answer 2

Demand

Question 3

_______ is one of the major factors that influences demand

Answer 3

Price

Question 4

the ___________ states that when the price of a good or service falls consumers will buy more of it

Answer 4

law of demand

Question 5

As the price of a good or service increase consumers usually buy _______

Answer 5

less of it

Question 6

_____________ and price have an inverse relationship

Answer 6

Quantity demand

Question 7

A ___________ is a table that shows how much of a good or service an individual consumer is willing and able to purchase at each price in the market

Answer 7

demand schedule

Question 8

A __________ shows how much of a good or service all consumers are willing and able to buy at each price in a market

Answer 8

market demand schedule

Question 9

The ________ of the table lists various prices of a good/service

Answer 9

left-hand column

Question 10

The ____________ show the quantity demanded of the good/service at each price

Answer 10

right-hand column