Demand Concept

Represents the exact quantity of a good or service that is demanded by consumers at a particular price.

• Demand

• Aggregate Demand

• Quantity Demanded

• The law of Demand

How many determinants of demand are there?

• 5

• 2

• 4

• 3

The Demand curve slopes

• down and to the right

• down and to the left

• up and to the right

• up and down

Shifting the demand curve to the left indicates

• increase in demand

• decrease in demand

• increase in quantity demanded

• decrease in quantity demanded

How will price change of a product affect that products graph?

• The graph will shift to the right

• The graph will shift to the left

• Their will be movement along the line

• none of the above

An increase in the goods price causes a decrease in quantity demanded and a decrease in a goods price causes an increase in quantity demanded.

• The law of demand

• The law of supply

• Quantity Demanded

• Conditions of Demand

What goes on the "X" axis of the Demand graph?

• price

• product

• quantity demanded

• change in demand

How do you indicate an increase in Demand?

• Movement along the line

• Shift the curve to the left

• Shift the curve to the right

• None of the above

The law of demand "works" because of a combination of what two effects?

• Income and Elasticity effects

• Substitution and Income effects

• Substitution and Elasticity effects

• Complementary & Substitute Goods

Goods that can be easily switched out for each other are known as

• Normal Goods

• Complementary Goods

• Substitute Goods

• Leisure Goods