Demand Flashcard

Front

Which of these best describes the law of demand?

Back

if prices go up, quantity demanded go down and if prices go down, quantity demanded will go up

Front

If the demand for a good increases when people's incomes increase, what type of good is it?

Back

The good is a normal good.

Front

What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?

Back

price

Front

The graph represents which concept of demand?

Back

Change in Demand (Shift)

Front

When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of

Back

Complementary goods

Front

A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in: Population, Price of Substitute Good, Price of Complementary Good, Consumer Preferences/Tastes.

Back

Consumer Preferences/Tastes

Front

The desire to have some good or service and the ability to pay for it

Back

demand

Front

Which concept of demand does the graph represent?

Back

Change in Quantity Demand (Slide)

Front

How would a recession likely affect the market demand for new cars?

Back

Demand will shift to the left.

Front

What would cause the demand curve to shift to the right?

Back

huge population increase