The law of demand states that the quantity demanded of a product increases as:
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- The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve ( ) A: compares percentage changes in quantity demanded and price. B: compares absolute changes in quantity demanded and price. C: obeys the law of demand. D: is not constant when the demand curve is linear.
- When the interest rate falls in the money market, the quantity of money demanded ________ and the quantity of money supplied ________. A: increases; decreases B: decreases; increases C: stays the same; decreases D: increases; stays the same
- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- A straight-line demand curve with negative slope intersects the horizontal axis at 200 tons per week. The point on the demand curve at which the price elasticity of demand is 1 corresponds to a quantity demanded A: of 0 tons. B: of 100 tons. C: of 200 tons. D: that would be negative if a negative quantity demanded were possible.