QUIZ2.2 - A market: Selected Answer: Correct Answer:...

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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 0 out of 2 points Economists use the term demand to Selected Answer: an upsloping line on a graph that relates consumer purchases and product price. 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. Question
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This note was uploaded on 02/10/2011 for the course ECON 202 taught by Professor Kotlove during the Spring '11 term at Edmonds Community College.

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QUIZ2.2 - A market: Selected Answer: Correct Answer:...

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