DEMAND

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

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases

If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?

• it will go up
• it will go down
• it will stay the same
• what does this have to do with the price of tea in China?

Generally speaking, the lower the price, the greater the quantity demand.

• True
• False

If sandals suddenly became very popular, what would happen to the market for basketball shoes? This would cause the ___________ curve for basketball shoes to shift ____________.

• demand.........right
• demand.........left
• supply.......right
• supply....... left

If Michael Jordan did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________.

• demand.........right
• demand.........left
• supply.......right
• supply....... left

When CDs became popular, people stopped listening to tape cassettes. This caused the ___________ curve for tape cassettes to shift ____________.

• demand.........right
• demand.........left
• supply.......right
• supply....... left

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

This is a product that can be used in place of another product:

• Product Good
• Complementary Good 
• Related Good
• Substitution