Demand

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

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demand

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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

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if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

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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

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The quantity demanded of a good or service changes at all price levels best describes the concept of

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change in demand

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Elasticity refers to

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how consumers of goods and services react to price changes

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Which of these shows a decrease in the quantity demanded?

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Which of these shows an increase in the quantity demanded?

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Which of these demonstrates inelastic demand?

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