Economics: The Basics 1st Edition by Mike Mandel

Exercise 1

Say whether each of the following statements is true or false.
a) A national market lets buyers and sellers conduct transactions around the world.
b) The market price is the typical price at which a good or service sells in a market.
c) A volume discount means that a buyer gets a lower price for purchasing sooner.
d) The market demand schedule shows how quantity demanded will change when the price changes.
e) When the price rises, the quantity demanded usually rises as well.
f) Satiation means that you want more of a good or service.
g) The opportunity cost of going to a baseball game is the value or benefit of your next best alternative use of your time and money.
h) The demand curve is the graphical representation of the demand schedule.
i) The law of supply says that the supply curve is downward-sloping.