객관식
In a diagram showing the aggregate demand (AD) and aggregate supply (AS) curves, what does the horizontal axis typically measure?
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3. The Market Forces of Supply and Demand
The Demand Curve
객관식
Which of the following correctly states the three main reasons the demand curve is downward sloping?
A
The substitution effect, the income effect, and diminishing marginal utility
B
Rising consumer incomes, technological advancement, and price controls
C
Increasing production costs, government intervention, and market competition
D
Supply shortages, advertising, and consumer expectations
검증된 단계별 안내1
Understand that the demand curve shows the relationship between the price of a good and the quantity demanded, typically sloping downward from left to right.
Identify the three main reasons why the demand curve slopes downward: the substitution effect, the income effect, and diminishing marginal utility.
The substitution effect occurs because when the price of a good falls, consumers tend to substitute it for relatively more expensive alternatives, increasing quantity demanded.
The income effect means that a lower price increases consumers' real purchasing power, allowing them to buy more of the good, thus increasing quantity demanded.
Diminishing marginal utility explains that as consumers consume more units of a good, the additional satisfaction (utility) from each extra unit decreases, so they are only willing to buy more if the price decreases.
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