BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383
BuyFind

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
Publisher: Cengage Learning
ISBN: 9781337617383

Solutions

Chapter
Section
Chapter 3, Problem 1QP
Textbook Problem

What is wrong with the following statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific period.

Expert Solution
To determine

Explain what is wrong in the given statement.

Explanation of Solution

The statement, “demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period” is wrong. The reason being that demand is the willingness and ability of a buyer to consume different quantity of goods at different price level during a specific time period. Ability of a consumer is also as important factor which determines the willingness to pay. If the consumer does not have the ability to purchase certain goods, he cannot demand those goods.

Economics Concept Introduction

Demand: Demand refers to the willingness and the ability of a buyer to consume goods and services at a different price level in a given period of time.

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Chapter 3 Solutions

Economics (MindTap Course List)
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Ch. 3.3 - At equilibrium quantity, what is the relationship...Ch. 3.3 - If the price paid for a certain item is 40 and the...Ch. 3 - What is wrong with the following statement? Demand...Ch. 3 - What is the difference between demand and quantity...Ch. 3 - True or false? As the price of oranges rises, the...Ch. 3 - The price of a bushel of wheat, which was 3.00...Ch. 3 - Some goods are bought largely because they have...Ch. 3 - The price of T-shirts keeps rising and rising, and...Ch. 3 - With respect to each of the following changes,...Ch. 3 - What does a sale on shirts have to do with the law...Ch. 3 - What is wrong with this statement: As the price of...Ch. 3 - In the previous chapter, you learned about the law...Ch. 3 - How might the price of corn affect the supply of...Ch. 3 - How might the price of corn affect the supply of...Ch. 3 - What is the difference between a movement factor...Ch. 3 - Compare the ratings for television shows with...Ch. 3 - At equilibrium in a market, the maximum price that...Ch. 3 - Must consumers surplus equal producers surplus at...Ch. 3 - Many movie theaters charge a lower admission price...Ch. 3 - A Dell computer is a substitute for an HP...Ch. 3 - Describe how each of the following will affect the...Ch. 3 - Describe how each of the following will affect the...Ch. 3 - The price of good X is higher in year 2 than in...Ch. 3 - Use the law of diminishing marginal utility to...Ch. 3 - Explain how the market moves to equilibrium in...Ch. 3 - Identify what happens to equilibrium price and...Ch. 3 - Suppose the demand curve for a good is downward...Ch. 3 - When speeding tickets were 100, usually 500...Ch. 3 - On most days, more people want to see the taping...Ch. 3 - What does it mean to say that the market feeds...Ch. 3 - Suppose the price is 10, the quantity supplied is...Ch. 3 - Using numbers, explain how a market demand curve...Ch. 3 - Draw a diagram that shows a larger increase in...Ch. 3 - Draw a diagram that shows a smaller increase in...Ch. 3 - At equilibrium in the following figure, what...Ch. 3 - At what quantity in the preceding figure is the...Ch. 3 - In the figure that follows, can the movement from...Ch. 3 - Suppose the demand curve is downward sloping, the...Ch. 3 - Fill in the blanks in the following table.

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