Question : 11) Which statement best describes the “law of demand”? Other : 1384140

11) Which statement best describes the “law of demand”? Other things being equal, the quantity of tennis rackets demanded will be greater if the

A) incomes of tennis players are higher.

B) price of tennis rackets is lower.

C) price of badminton rackets is higher.

D) number of tennis players is higher.

E) demand for tennis rackets rises.

12) The “law of demand” describes

A) an inverse relationship between the price of a good and the quantity of the good demanded per unit of time, other things being equal.

B) a positive relationship between the price of a good and the quantity of the good demanded per unit of time, ceteris paribus.

C) an inverse relationship between the price of a good and the demand for the good, per unit of time.

D) a direct relationship between the price of a good and the demand for the good.

E) any relationship between quantity demanded and demand for a good.

13) Which statement best describes a “demand schedule”?

A) a functional statement of the demand relationship

B) a graph showing the inverse relationship between quantity demanded and price

C) a numerical tabulation showing the quantities demanded at various prices

D) a timetable showing the quantity demanded at different time periods

E) an abstract concept underlying the graph of a demand curve

14) An important assumption underlying a demand schedule is that

A) quantity demanded and demand mean the same thing.

B) everything else except the product’s price is being held constant.

C) the numbers are not important; the general relationship between the variables is.

D) household tastes rarely change.

E) income has little significance to household demand.

15) Which statement best describes a demand curve?

A) a functional statement of the demand relationship

B) a numerical table showing the inverse relationship between quantity demanded and price, other things being equal

C) a graph showing the relationship between quantity demanded and the price of a commodity, other things being equal

D) a timetable showing the quantity demanded at different time periods

E) an abstract concept underlying the graph of a demand curve

16) A demand curve represents graphically

A) a functional statement of the income-quantity relationship.

B) the timeless relationship between quantity demanded and price.

C) the quantity demanded per unit of time at various prices.

D) the available quantities at all possible prices for the product.

E) quantity demanded.

17) To say that the demand curve for movies is negatively sloped means that

A) less quantity will be demanded at lower prices.

B) less quantity will be demanded as preferences change.

C) less quantity will be demanded at higher prices.

D) more quantity will be demanded as consumers’ income increases.

E) less quantity will be demanded at the same price.

18) A change in demand is said to take place when there is a

A) movement along the demand curve.

B) shift of the demand curve.

C) shift of the supply curve.

D) price change.

E) quantity change.

19) A normal good is one

A) that everyone normally consumes.

B) that normal people consume.

C) for which demand varies directly with household income.

D) for which demand varies inversely with household income.

E) for which demand does not vary with household income.

20) What is an inferior good?

A) a good that everyone normally consumes

B) a good that inferior people consume

C) a good for which demand varies directly with household income

D) a good for which demand varies inversely with household income

E) a good for which demand does not vary with household income