Demand and Supply (Comprehension Check)

Front

When the price of a product increases, consumers want to buy _____?

Back

less

Front

A demand curve or demand schedule shows how much consumers want at _____

Back

various prices

Front

_____ is on the vertical axis of a demand curve.

Back

Price

Front

When the price of a product changes, all other variables are _____?

Back

held constant

Front

The relationship between price and quantity demanded of a product is _____.

Back

inverse

Front

The relationship between price and quantity demanded is typically--

Back

inverse

Front

The law of demand states that as the price of a product decreases the quantity demanded increases.

Back

true

Front

In the product market, consumers demand--

Back

goods and services

Front

Conditions for demand are consumers--

Back

willingness and ability to buy

Front

Consumers decide that wearing blue jeans is not fashionable. In the market for blue jeans, the demand curve will _____.

Back

shift left