L.L. Bean's on-line ordering service must notify you if the shipment cannot be made on time (T/F)
An increase in population will likely increase the demand for housing, food, and many other goods and services (T/F)
A thirty percent rise in the price of snowboards may cause the demand for skis to increase (T/F)
If a firm knows that demand for its product is inelastic it will decrease prices in order to increase total revenue (T/F)
The law of Demand states that as prices decreases people generally want to buy more an item and vice versa (T/F)
Consumers should fill their automobiles today if they expect gasoline prices to drop $.10 a gallon tomorrow. (T/F)
The Federal Trade Commission requires firms like L.L. Bean that sells products online to ship their merchandise within 30 days of receiving your order (T/F)
When creating a demand curve from a demand schedule the lowest prices are always on the bottom of the vertical axis and the highest prices are at the top (T/F)
When creating a demand curve from a demand schedule the lowest quantities demand are always on the left of the horizontal axis and the highest quantities are at the right. (T/F)
Demand for pizza would increase if the Federal government announced that pizza sauce has a natural ingredient that strengthened a person's resistance to the flu virus (T/F)
A hail storm in the Houston metropolitan area can cause the demand for shingles to increase (T/F)
If an entrepreneur sells a product that has inelastic demand and decides to raise prices the result will be increased total revenue (T/F)
Demand is measured not only by consumer desire for a product, but also by
ability and willingness to buy the product
As a consumer, if the price of apples double and your salary remains the same, you would probably
buy fewer apples.
If the prie of a product decreases and consumers buy more of the product,
A change in quantity demanded has taken place
The statement "the demand for an economic product varies inversely with its price" is a definition of
the Law of Demand
Because the demand for local telephone service is relatively inelastic,
modest price increase have little or no impact on quantity demanded.
An increase in the price of wombles causes a decrease in the demand for widgets. The two products are
A business raised the price of a product to increase profits, but found that total revenues went down. The demand for the product is
If the increase in the price of butter causes a decrease in demand for French pastries,
the two goods are complements
If a demand curve shows that 500 items are demanded at a price of $5,
the producer may or may not set the price of each item at $5.
When the price of onions doubled in which country did the people vote the ruiling party out of office?
When a consumer is able and willing to buy a good or service, he or she creates which of the following?
How is future price related to current demand?
If the price is expected to rise, current demand will rise
What determines how a change in prices will affect total revenue for a company?
elasticity of demand
Ceteris paribus, or "all other things held constant," is an assumption that has which of the following effects on a demand schedule?
It takes only prices into account
What shows the quantities of products demanded at each price by all consumers in a market?
a market demand schedule
How did the existence of the baby bom generation change demand in the United States?
Demand was raised for different goods with each age the baby boomers reached.
What is a basic principle of the law of demand?
When a good's price is lower, people will buy more of it
How is the current demand for a good related to its future price?
If the price is expected to drop, current demand will fall.
what kind of changes would be expected in the demand of a country that has a growing population?
a rise in he demand for shelter
what does unitary elastic demand mean?
The percentage change in quantity demanded is exactly equal to the percentage change in price