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The desire to have some good or service and the ability to pay for it
supply
equilibrium
demand
quantity demanded
Which of these best describes the law of demand?
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
A change in the price of a good causes people to buy more or less of an item. This best describes the concept of
the demand curve
change in quantity demanded
change in demand
elasticity
The quantity demanded of a good or service changes at all price levels best describes the concept of
change in quantity demanded
elasticity
change in demand
demand curve
Which of these shows a decrease in the quantity demanded?
Which of these shows an increase in the quantity demanded?
How is a decrease in the price of a good illustrated on a demand graph?
The demand curve shifts to the right.
The demand curve shifts to the left
There is upward movement along the demand curve
There is downward movement along the demand curve.
When the price of good A rises, people start to drink good B. In this case, what is good B considered?
luxury good
complementary good
substitute good
normal good
A decrease in the average incomes of consumers will result in which of the following?
A decrease in the demand for goods and services
An increase in the demand for goods and services
A decrease in the supply of goods and services
An increase in the supply of goods and services
The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?
Price goes up qty demanded goes down.
Price goes down, qty demanded goes up.
Price goes up, demand goes down.
All answers are correct.
What is the relationship between the Price and Quantity Demanded?
Positive Relationship
Direct Relationship
Inverse Relationship
Mixed Relationship
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