Economics Demand

Front

The law of demand argues that as prices rise

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the quantity demanded will fall

Front

This part of the market determines DEMAND

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buyers

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

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demand

Front

The diagram represents a

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increase in demand

Front

Which of the following will cause an increase in demand for snowboards? Options: More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population

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A decrease in the price of lift tickets at resorts in Colorado

Front

For the law of demand, as price rises, what happens to quantity demanded?

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it goes down

Front

The only thing that causes movement along a supply or demand curve: Price, Quantity, Climate, Weather

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Price

Front

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

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demand

Front

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

Front

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

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change in quantity demanded