What does the term "demand"refer to?

Select one:

a.The amounts that consumers are either willing or able to purchase at various prices.

b.The amounts that consumers are both willing and able to purchase at various prices.

c.The quantity purchased at the equilibrium price.

d.The price consumers are willing to pay for a certain quantity of a product.

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What is theeffect of an increase in demandfor a product?

Select one:

a.Its price will rise and quantity traded will decrease.

b.Its price will rise and quantity traded will increase.

c.Its price will fall and quantity traded will decrease.

d.Its price will fall and quantity traded will increase.

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What is meant by the termchangeinthequantitydemanded?

Select one:

a.The change in the quantity which results from a price change and implies a movement along the demand curve.

b.The change in the quantity which results from a change in any factor other than the price and implies a movement along the demand curve.

c.The change in the quantity which results from a price change and implies a shift in the demand curve.

d.The change in the quantity which results from a change in any factor other than the price and implies a shift in the demand curve.

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What ismarketsupply?

Select one:

a.The total supply of a product demanded by all consumers.

b.The total quantity sold in a market.

c.The total supply of a product offered by all producers.

d.The surplus over and above the market demand.

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What is aninferiorproduct?

Select one:

a.It is a product which consumers buy more of as their incomes increase.

b.It is a product which consumers buy less of as their incomes increase.

c.It is a product which consumers buy less of as their incomes decrease.

d.It is a low-quality luxury product.

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What is anormalproduct?

Select one:

a.It is a product which consumers buy regularly.

b.It is a product which consumers buy more of as their incomes increase.

c.It is a product which consumers buy less of as their incomes increase.

d.It is a product which consumers buy more of as their incomes decrease.

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