ECON Review - DEMAND - Unit 3 Sections 1-3

Listing that shows the quantity demanded at all possible prices at a given time

• Demand Schedule
• Demand Curve
• Supply Schedule
• Supply Curve

The desire, ability, and willingness to buy a product

• Demand
• Supply
• Quantity Demanded
• Quantity Supplied

Products that tend to be used together

• Elastic
• Inelastic
• Complements
• Substitutes

Products that can be used in place of other products

• Elastic
• Inelastic
• Complements
• Substitutes

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

Consider the market for SUVs. If the price of gasoline increases then the Demand for these vehicles will

• increase
• decrease
• not be affected

The law of demand helps explain why people buy more when the price decreases.

• True
• False

If suddenly, a large population increase occurred, what impact would it have on the housing market?

• prices would remain constant.
• There would be a surplus of homes on the market.
• It would shift the demand curve to the left.
• It would shift the demand curve to the right.

A change in demand is shown

• along the demand curve
• with a new demand curve above or below the original demand curve
• without a demand graph
• with a totally vertical line

A change in quantity demanded is shown

• at various points on the demand curve
• with a new demand curve drawn above or below the original demand curve
• with a vertical line