Unit 2 Certification Flashcard

Front

Which best represents the "law of demand"?

Back

when price goes up quantity demanded goes down

Front

This image represents:

Back

The law of demand

Front

This image best represents:

Back

An increase in quantity demanded

Front

This image best represents a:

Back

demand schedule

Front

The "quantity demanded by all consumers in a market" is known as the:

Back

Market demand

Front

According to the law of demand, the relationship between "price" and "quantity demanded" is:

Back

Inverse

Front

This graph represents a(n):

Back

Decrease in demand

Front

A determinant of the change seen here could be:

• An increase in income
• A decrease in the price of a substitute good
• An increase in population
• A new viral ad campaign for the good

Back

A decrease in the price of a substitute good

Front

An observer of this graph would say that it represents a(n):
Options: Increase in demand, Decrease in demand, Increase in quantity demanded, Decrease in quantity

Back

Increase in demand

Front

A cause for the change seen in this curve would be:

Back

An increasing population