首页
登录
职称英语
In economics, demand implies something slightly different from the common me
In economics, demand implies something slightly different from the common me
游客
2025-04-13
39
管理
问题
In economics, demand implies something slightly different from the common meaning of the term. The layman, for example, often used the term to mean the amount that is demanded of an item. Thus,if the price were to decrease and individuals wanted more of the item, it is commonly said that demand increases. To an economist, demand is a relationship between a series of prices and a series of corresponding quantities that are demanded at these prices. If one reads the previous sentences carefully, it should become apparent that there is a distinction between the quantity demanded and demand. This distinction is often a point of confusion and we all should be aware of and understand the difference between these two items. We repeat, therefore, that demand is a relationship between price and quantities demanded,and therefore suggests the effect of one(e.g., price)on the other(e.g. quantity demanded). Therefore, knowledge of the demand for a product enables one to predict how much more of a product will be purchased if price decreases. But the increase in quantity demanded does not mean demand has increased, since the relationship between price and quantity(i.e., the demand for the product)has not changed. Demand shifts when there is a change in income, expectations, tastes,etc., such that a different quantity of the product is demanded at the same price.
In almost all cases, a consumer wants more of an item if the price decreases. This relationship between price and quantity demanded is so strong that it is referred to as the’law of demand". This"law"can be explained by the income and substitution effects. The income effect occurs because price increas-es reduce the purchasing power of the individual and,thus,the quantity demanded of goods must de-crease. The substitution effect reflects the consumer’s desire to get the "best buy". Accordingly, if the price of product A increases, the individual will tend to substitute another product and purchase less of goods A. The negative correlation between price and quantity demanded is also explained by the law of diminishing marginal utility. According to this law, the additional utility the consumer gains from consum-ing a product decreases as successively more units of the product are consumed. Because the additional units yield less utility or satisfaction, the consumer is willing to purchase more only if the price of the product decreases.
Economists distinguish between individual and market demand. As the term implies, individual demand concerns the individual consumer and illustrate the quantities that individuals demand at different prices. Market demand includes the demand of all individuals for a particular goods and is found by summing the quantities demanded by all individuals at the various prices.
The other side of the price system is supply. As in the case of demand, supply is a relationship between a series of prices and the associated quantities supplied. It is assumed that as price increases the individual or firm will supply greater quantities of a product. There is a positive correlation between quantity supplied and product price.
Economists also distinguish between a change in supply and quantity supplied. The distinction is similar to the one made with respect to demand. Also, as in the case of demand, economists distinguish between individual firm supply and market supply, which is the summation of individual supply.
Taken together, supply and demand yield equilibrium of price and quantity. Equilibrium is a state of stability, with balanced forces in which prices and quantity will remain constant. Moreover, there are forces in the market that will act to establish equilibrium if changes in demand or supply create disequilibrium. For example, if prices are above equilibrium, the quantity supplied exceeds quantity demanded and surpluses occur that have a downward pressure on prices. These pressures will persist until equilibrium is established. If prices are below equilibrium, the product will become scare and there will be an upward pressure on price. [br] According to the passage, the law of diminishing marginal utility_____.
选项
A、is explained by income and substitution effects
B、explains why the additional units yield less utility
C、slows that the additional units yield less satisfaction
D、reflects the consumer’s desire to get the cheapest buy
答案
C
解析
细节题。根据第二段的末尾“According to this law,the additional utility the consumer gains fromconsuming a product decreases as successively more units of the product are consumed.Becausethe additional units yield less utility or satisfaction…”可知,“the law of diminishing marginal utility”的内容包括“the additional units yield less utility or satisfaction”,即选项C是正确答案。而它是用来解释“theadditional utility the consumer gains from consuming a product decreases…”的。
转载请注明原文地址:https://tihaiku.com/zcyy/4035503.html
相关试题推荐
Ineconomics,demandimpliessomethingslightlydifferentfromthecommonme
Ineconomics,demandimpliessomethingslightlydifferentfromthecommonme
Ineconomics,demandimpliessomethingslightlydifferentfromthecommonme
Outsidershave____thesuccessofEasternAsia’seconomicswithadmiration,wonde
Atpresent,manypeoplethinkthatonelanguageshouldbeusedasthecommonlan
Usingextremelydifferentdecoratingschemesinadjoiningroomsmayresultin___
Peoplethatlivingintheworldforthesamelongtimemayexperiencedifferent
Byfarthemostcommondifficultyinstudyissimplefailuretogetdownto
Byfarthemostcommondifficultyinstudyissimplefailuretogetdownto
Ourjourneywasslowbecausethetrainstopped_____atdifferentvillages.A、gradu
随机试题
Smallcommunities,withtheirdistinctivecharacter—wherelifeis【C1】_______
Psychologiststakeopposingviewsofhowexternalrewards,fromwarmpraise
Pollution:ALifeandDeathIssueOneofthemainthemesofPlanetunderPres
高校教师绩效考评的程序一般包括()。A.进行考评总动员 B.组织构建 C.
静态VLAN的配置方式是()。A.基于MAC地址配置的 B.由网络管理员手工
A.牡蛎B.朱砂C.磁石D.龙骨E.琥珀治淋证癃闭宜用
高渗性脱水的判断指标是A.血钠<130mmol/L B.血钠130~150mm
C分数数列,我们将其整数部分与分数部分分别考虑。 整数部分:100,(),64,49,36; 分数部分3/4,(),16/12,64/36,256/108
(2014年真题)乙公司生产M产品,采用标准成本法进行成本管理。月标准总工时
呼吸肌完全松弛时的肺容量等于() A.余气量 B.肺活量 C.功能余气量
最新回复
(
0
)