Demand

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

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.

Front

The downward slope of a demand curve

Back

represents the law of demand

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

Front

The phrase "a change in demand" most directly implies a

Back

shift in the demand curve

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

Front

If computer prices fall, what is the effect on the demand for Internet services?

Back

the demand for Internet services increases

Front

Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are

Back

substitutes

Front

If the demand for used cars decreases after the price of a new car falls, used cars and new cars are

Back

substitute goods

Front

If the demand for a good increases when people's incomes increase, what type of good is it? Options: the good is an inferior good, the law of demand is violated, the good's demand curve must be upward sloping, the good is a normal good

Back

the good is a normal good