3. The Market Forces of Supply and Demand

In economics, which of the following best defines the concept of demand?

In what way does the demand curve for prestige pricing differ from the typical demand curve?

Which of the following is NOT a characteristic of a typical demand curve in microeconomics?

Given that the four demand curves (pp, qq, rr, and ss) intersect at point v, which curve represents the most elastic demand at point v?

Which statement is generally true according to the law of demand?

Suppose the accompanying graph illustrates the market for cigarettes. If the price of cigarettes increases, what movement will occur along the demand curve?

Which of the following is NOT held constant when constructing a demand schedule for coffee?

If consumer demand for a product shifts to the right as the base of users grows, which of the following best explains this phenomenon?

Suppose that your demand schedule for pizza is as follows: At a price of \$10 per pizza, you demand 2 pizzas per week; at \$8, you demand 4 pizzas; at \$6, you demand 6 pizzas; and at \$4, you demand 8 pizzas. Which of the following statements best describes the shape of your demand curve for pizza?

A demand curve enables a firm to examine prices in order to determine:

If the demand for a product increases, then we would expect the equilibrium price to:

Demand for a product is most likely to increase because:

Which of the following are ways that an image (such as an advertisement or product photo) might affect the demand for a good?

Which of the following best describes the demand curve faced by a monopolistically competitive producer?

Which of the following is consistent with the law of demand?