Chapter 7 Content

A demand curve is always upward-sloping.

If the price of personal computers increases, the demand for software will...

According to diminishing marginal utility, the satisfaction you get from using additional units of a product will begin

Demand describes the various amounts of a product that someone is __________ and _______ to buy over a range of prices

If the price of butter increases, then the demand curve will shift right for margarine.

Microeconomics is the part of economic theory that deals with behavior and decision making by people and ________

If an unfavorable report comes out about a product, the demand curve will shift left.

Economics is a social science.

If consumers income increases, the demand curve will shift right.

A change in the number of consumers will change the demand for a product.

Demand for many products and services changes constantly.

Higher prices are associated with smaller amounts; lower prices are associated with larger amounts demanded

Quantity demanded varies inversely with price.

A measure of responsiveness that describes the way dependent variables change in response to a change to independent one

An incentive is something that keeps you from making a purchase.

Price and quantity are observed to calculate demand.

The demand schedule shows the various ________ demanded of a particular product at all prices that might prevail

Ceteris Paribus is the simple assumption economists use to determine that all other factors remain constant.

What type of economy allows people and firms to act in their own best interest?

The extra usefulness or additional satisfaction an individual gets from acquiring or using one more unit of a product

Usefulness or satisfaction

If you expect a new TV to go on the market next year, you are going to go ahead a buy a TV now.