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BM1101 Business Economics (PRD2 A 2023/24)

BM1101 Business Economics (PRD2 A 2023/24)

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A decrease in the price of a good will

increase demand.

decrease demand.

increase quantity demanded.

✅

decrease quantity demanded.

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A demand schedule is a table that shows the relationship between

quantity demanded and quantity supplied.

income and quantity demanded.

price and quantity demanded.

✅

price and income.

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"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded

applies to most goods in the economy.

is represented by a downward-sloping demand curve.

is referred to as the law of demand.

All of the above are correct.

✅

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Assume Diana buys computers in a competitive market. It follows that

Diana has a limited number of sellers to turn to when she buys a computer.

Diana will find herself negotiating with sellers whenever she buys a computer.

if Diana buys a large number of computers, the price of computers will rise noticeably.

None of the above is correct.

✅

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A competitive market is one in which there

is only one seller, but there are many buyers.

are many sellers, and each seller has the ability to set the price of his product.

are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market.

are so many buyers and so many sellers that each has a negligible impact on the price of the product.

✅

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Figure 6-9

A graph of price, P, versus quantity, Q, shows a supply curve, S, rising linearly from (0, 1) to (40, 11), and a demand curve, D, descending linearly from (0, 11) to (40, 1). The curves intersect at (20, 6).