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9 Cards in this Set

  • Front
  • Back
demand curves may appear as straight lines
T
the law of diminishing marginal utility affects all consumption
T
Quantity demanded is represented by one point on the demand curve, whereas demand is represented by the entire demand curve
T
market demand reflects the demand of an individual consumer
f
a information in a demand curve displays quantity demanded on the horizontal axis
t
the law of demand states that quantity demanded varies directly with price, other things constant
f
a change in the price of one good relative to changes in the prices of other similar goods can cause the substitution effect
t
a decrease in the price of soda affects your real income, not your money income
t
the demand for a good is the entire relation between price and quantities demanded
t