Supply/Demand/Equilibrium

What occurs to the demand curve when consumers demand different amounts due to  population change, advertising, or demographics.

• Income effect
• Change in quantity demanded
• Compliments
• Shift in demand

Change in quantity demanded caused by a change in a consumer's income when the price of a product changes

• Substitution effect
• Compliments
• Law of demand
• Income effect

An increase in a products prices causes consumers to switch to another brand

• Compliments
• Substitutes
• Change in quantity demanded
• Change in demand

When a product increases in price, there is a negative effect on other products associated with it

• Compliments
• change in demand
• Substitutes
• income effect

What is the MAIN cause of a change in quantity demanded?

• substitution
• change in price
• change in revenue
• the income effect

What is the relationship between income and demand?

• A decrease in income increases demand
• A decrease in price decreases income
• An increase in price increases income
• An increase in income increases demand

Which is a likely complement to a motor vehicle?

• Cloth Seats
• Tires
• Windshield
• Engine

Which of the following replaces a costly item with a less costly one?

• The substitution effect
• change in demand
• the income effect
• consumer taste

Graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

• Supply curve
• Demand Curve
• Demand
• Law of Demand

Essential rule in economics that states when the price of a product goes up, demand goes  down and when the price goes down, demand goes up.

• Demand Curve
• Consumer Effect
• Possibility Curve
• Law of Demand