Demand
Flashcard
•
Other
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
The law of demand refers to how demand changes when people's incomes change, demand changes when the prices of substitutes and complements change, the quantity demanded changes when the price of the good changes, the price of the good changes when people's demand for the good changes.
Back
the quantity demanded changes when the price of the good changes
2.
FLASHCARD QUESTION
Front
Why do people buy fewer CDs if the price of a CD rises?
Back
If CDs become more expensive, people switch to relatively less expensive alternative goods, such as cassette tapes.
3.
FLASHCARD QUESTION
Front
The downward slope of a demand curve
Back
represents the law of demand
4.
FLASHCARD QUESTION
Front
Market demand curves are obtained by: summing the quantities every consumer is willing to buy at each different price.
Back
summing the quantities every consumer is willing to buy at each different price
5.
FLASHCARD QUESTION
Front
The phrase "a change in demand" most directly implies a
Back
shift in the demand curve
6.
FLASHCARD QUESTION
Front
A change in the demand for apples could result from any of the following except: a change in the number of buyers, increased preferences for fresh fruit consumption for health reasons, a change in the price of an apple, a change in the price of a banana.
Back
a change in the price of an apple
7.
FLASHCARD QUESTION
Front
If computer prices fall, what is the effect on the demand for Internet services?
Back
the demand for Internet services increases
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