Demand

What is demand?

• The desire to own something and the ability to afford it.
• A graph that shows the quantity demanded at every price.
• The usefulness of a product expressed in a dollar sign.

Which of the following best describes the Law of Demand?

• As price goes down, demand goes down. (and vice versa).
• As price goes down, demand goes up (and vice versa).
• As demand goes down, supply goes up.
• As demand goes up, price becomes elastic.

The Law of Demand "works" because of a combination of what two effects?

• Substitution and Income Effects
• Doppler and Lake Effects
• The Ability and Desire Effect
• The Substitution and Elasticity Effect

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

Consuming more of one good because of a change in price of another good is known as the 

• income effect
• substitution effect
• elasticity effect
• demand effect

This occurs when you feel like you have less money when the price of a good rises.

• Income Effect
• Substitution Effect
• Demand Effect
• Inflation Effect

A table that lists the quantity of a good that a single person will buy at each price in a market.

• demand schedule
• market demand schedule
• elasticity chart
• supply and demand graph

Price goes on ________

• the vertical axis
• the horizontal axis
• at the origin
• the z axis

What goes on the horizontal axis of a demand graph?

• price
• quantity demanded
• quantity supplied
• change in demand