809106
Description
Flashcards by casedlynch, updated more than 1 year ago
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Created by casedlynch
about 10 years ago
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| Question | Answer |
| Which statement is consistent with the law of demand? | A reduction in market price will lead to an increase in quantity demanded. |
| Which of the following characteristics lead to a downward-sloping demand curve? | Diminishing marginal utility and An increase in purchasing power as market price decreases |
| If a buyer withdraws from the market, which way does the demand curve shift? | left |
| a decrease in quantity demanded | Moves the point down along the demand curve |
| a decrease in supply or demand | shifts the curve |
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