Demand - 6th Econ

Front

The diagram represents a

Back

increase in demand

Front

Consider the market for cars in Hong Kong. If the price of gasoline increases then the Demand for cars will

Back

decrease

Front

If the price of Frozen Yogurt increased then the demand for ice cream will

Back

increase

Front

The law of demand states that as the price increases then

Back

quantity demanded decreases

Front

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

Back

demand

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

Back

change in quantity demanded

Front

Elasticity refers to

Back

how consumers of goods and services react to price changes

Front

Which of the following pairs is an example of substitutes? Cereal and Milk, calculators and iPods, Gatorade and Powerade, water skiing and skateboarding

Back

Gatorade and Powerade

Front

When the price of something increases, the quantity demanded ___?

Back

decreases

Front

Which of the following would cause the demand curve to shift to the left?
- the average annual income increases
- government corporate taxes increase
- consumers begin to like the product
- price of a complementary good increases

Back

price of a complementary good increases