Demand Flashcard

Front

Which of these best describes the law of demand? Options: if prices go up, quantity demanded go down 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

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,

Back

the good is a normal good

Front

What is the only factor that causes a change in quantity demanded 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 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? Options: Change in Price, Change in Demand (Shift), Decrease in Demand, Change in Quantity Demand (Slide)

Back

Change in Quantity Demand (Slide)

Front

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

Back

Demand will shift to the left.

Front

Which of the following would cause the demand curve to shift to the right? a popular toys loses appeal, suppliers expect higher prices in the future, price of a substitute good decreases, huge population increase

Back

huge population increase