Abeka, Economics, test 5 Questions and answers latest update

principle that states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease - diminishing marginal utility effect that says that when the price of goods rises, it affects a consumer as if his income were reduced - income effect relationship between a good's price and the amount that people are willing to buy - law of demand relationship between a good's price and the amount that producers are willing to provide for consumers - supply list of numbers that compare quantity demanded with price - demand schedule two marketing schemes to create discontentment in customers to convince them to buy - intentionally huge shopping carts, BOGO deals, limited sales, money back guarantees, enticing displays t/f: if the price of gasoline rose, consumers would INCREASE the amount they bought - false, decrease t/f: as the price of a good falls, the quantity demanded INCREASES - true t/f: a demand curve slopes DOWNWARD and to the right - true