Demand

Demand means

• the amount of a good or service that consumers are willing and able to buy.

• is the amount of a good or service produced.

• is the price that is demanded by consumers.

• None of the above.

What does the law of demand say

• consumers will buy less of something when price goes down.

• consumers will buy more of something when price increases.

• consumers will buy more of something when prices go down.

• None of the above.

If the price of a good or service decreases what will happen to the demand for it?

• increase

• decrease

• stay the same

• who knows

If the price of a good or service increases what will happen to the demand for it?

• increase

• decrease

• stay the same

• who knows

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

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

• Supply increases.

• Supply decreases.

• Demand increases.

• Demand decreases

What goes on the horizontal axis (x axis) of a demand graph?

• price

• quantity demanded

• quantity supplied

• change in demand

Price goes on ________

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

The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will

• increase
• decrease

In a market economy, who decides on the prices of goods and services?

• government
• buyers and sellers
• firms
• local leaders