{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

q2 - Question 1 A market Selected Answer Correct Answer 2...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question 1 2 out of 2 points A market: Selected Answer: is an institution that brings together buyers and sellers. Correct Answer: is an institution that brings together buyers and sellers. Question 2 2 out of 2 points The law of demand states that: Selected Answer: price and quantity demanded are inversely related. Correct Answer: price and quantity demanded are inversely related. Question 3 2 out of 2 points Economists use the term demand to Selected Answer: a schedule of various combinations of market prices and amounts demanded. Correct Answer: a schedule of various combinations of market prices and amounts demanded. Question 4 2 out of 2 points An increase in the price of a product will reduce the amount of it purchased because: Selected Answer: consumers will substitute other products for the one whose price has risen. Correct Answer: consumers will substitute other products for the one whose price has risen.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}