Demand Warm-Up

Front

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

Back

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

If the price of a good or service decreases what will happen to the demand for it?

Back

increase

Front

An decrease in Demand is located by moving from point ________ to point_________

Back

Moving from C to A

Front

If the price of printers goes down, what happens in the market for ink cartridges?

Back

Demand increases.

Front

Consider the market for cellular phones. Which of the following shifts the demand curve to the left?
studies showing using cellular phones can cause brain cancer,
a decrease in the price of cellular phones,
a decrease in the quantity demanded of cellular phones,
an increase in the services provided by cellular phones, such as text messaging

Back

studies showing using cellular phones can cause brain cancer

Front

The price of coffee increases and people switch to drinking tea. The determinant of demand is

Back

Price of Related Goods (Substitutes)

Front

Identify which determinant of demand (Shifter) is involved: Kohl's Black Friday sales are approaching.

Back

Consumer expectations

Front

When the price of hot dogs decreases and the demand for hot dog buns increases, this explains the demand of

Back

Complementary goods

Front

A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in Consumer Preferences/Tastes.

Back

Consumer Preferences/Tastes