Question

1. Which of the following describes a demand schedule?

Answer 1

1)d. The quantity of a product that consumers are willing and able to buy at each unit price

2)C. The product has a lower price

3)c. The quantity demanded for chips will decrease and the demand for salsa will decrease.

4)I didn't understand your question about this one but I can explain the graph:-)

according to this diagram

the supply curve has shifted backward i.e supply is decreased so, with the decrease in supply the price of good increases and as a result of increased price the quantity demanded decreased.

5)B. Average consumer income has decreased, with Good A being an inferior good. ( because as you can see in the diagram that demand for good A is increased)

demand for inferior goods increases with the decrease in income. For example: if your income decreases you'll start travelling from bus instead of train.

6)B. Stacy wanted ice cream a bit more than a cupcake but chose the cupcake when the price of ice cream increased.