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Chapter 3 - SS141 Macro-Economics Professor Patrick Yanez...

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SS141 Macro-Economics Professor Patrick Yanez Study Questions for Chapter 3 - Set 1 These questions are to facilitate your discussion groups and/or tutoring sessions. Answers are listed at the end of this file. Since our class time is limited to introducing new topics, we do not have time to review these questions in class; please use your discussion group and/or tutoring session to review these questions. 1. A market: A) reflects upsloping demand and downsloping supply curves. B) entails the exchange of goods, but not services. C) is an institution that brings together buyers and sellers. D) always requires face-to-face contact between buyer and seller. 2. Markets explained on the basis of supply and demand: sellers of a standardized product. with one another. in which a single seller determines price. 3. The law of demand states that: larger the number of buyers in a market, the lower will be product price. demanded are directly related. low prices. 4. Graphically, the market demand curve is: part of it. individual demand curves. 5. Economists use the term demand to refer to: A) a particular price-quantity combination on a stable demand curve. B) the total amount spent on a particular commodity over a stipulated time period. C) an upsloping line on a graph that relates consumer purchases and product price. D) a schedule of various combinations of market prices and amounts demanded. 6. The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____. inverse
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