Introduction to Demand

Poll

How likely are you to buy this?

• Very Likely

• Somewhat Likely

• Not Very Likely

Poll

How likely would you be to buy if the price was $32.95 instead?

• Very Likely

• Somewhat Likely

• Not Very Likely

Draw

Draw what a demand curve looks like

Labelling

Put the following terms in the correct spot​ ​ ​ ​

Drag labels to their correct position on the image

Price

Quantity Demanded

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Multiple Choice

Demand is a combination of:

A. Desire

B. Ability/Capacity

C. Willingness/Readiness

• A & B

• B & C

• A & C

• A, B & C

Multiple Choice

Which of the following best describes the 'law of demand'?

• When price increases, the quantity demanded decreases.

• Demand decreases for a normal good when income increases.

• Legal authorities regulate prices.

• People demand the same amount of a good no matter its price.

• Sellers set the price that demanders pay.

Multiple Choice

With the rise in price, the quantity demanded for a commodity :-

• Rises

• Falls

• Stays constant

• is not affected by change in price

Multiple Choice

Demand can be defined as the quantity of a product that consumers are able and willing to purchase

• at a particular price

• during a specified period of time provided

• other things remain constant

• All of the above

Multiple Choice

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

• Increase

• Decrease

Draw

Label the axis and graph the market demand for pizza.

Multiple Choice

This curve demonstrates what idea?

• As price increases, quantity demanded goes up

• As price decreases, quantity supplied goes up

• As price increases, quantity supplied goes up

• As price decreases, quantity demanded goes up

Multiple Choice

A point ON the curve only changes if....?

• Price changes

• People's tastes or preferences change

• There is an increase in demand

• There is a change in tax structure

Multiple Choice

What will happen to quantity demanded if the price goes down?

• It will stay the same

• It will increase

• It will decrease

• Quantity demanded won't change, demand will