Questions
2251-ECON-301-01Z-J1-1027 Quiz 5 (1% of Course Grade) - Chapter 6 - Demand
Matching
Match the following demand functions/curves to its definitions. 1: Own-price demand curves 2: Income demand curves 3: Cross-price demand curves
Options
A.shows the relationship between income and the quantity demanded by a consumer, holding all else fixed
B.shows the relationship between the price of the good and the quantity demanded by a consumer, holding all else fixed
C.shows the relationship between one good’s price and the quantity demanded of a different good, holding all else fixed
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Step-by-Step Analysis
To begin, restating the task helps organize the pieces: we are matching three demand concepts to their definitions.
Option set to analyze:
1) shows the relationship between income and the quantity demanded by a consumer, holding all else fixed
2) shows the relationship between the price of the good and the quantity demanded by a consumer, holding all else fixed
3) shows the relationship between one good’s price and the quantity demanded of a different good, holding all else fixed
Now let’s examine each option in the context of the three demand curves.
Option A: 'shows the relationship between income and the quantity demanded by a consumer, holding all else......Login to view full explanationLog in for full answers
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