Demand

The desire to have some good or service and the ability to pay for it

• supply

• equilibrium

• demand

• quantity demanded

Which of these best describes the law of demand?

• if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

• if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

• there is no law of demand, each situation is unique and demand and prices cannot be predicted

• prices will go up for certain goods when quantity demanded goes up and vice versa

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

• the demand curve

• change in quantity demanded

• change in demand

• elasticity

The quantity demanded of a good or service changes at all price levels best describes the concept of

• change in quantity demanded

• elasticity

• change in demand

• demand curve

The phrase "a change in demand" most directly implies a 

• movement along the curve
• movement along the price curve
• change in quantity demanded of a good
• shift in the demand curve

To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services

• the demand for Internet services increases
• the demand for Internet services decreases
• The demand for Internet services remains unchanged
• The demand for Internet services could increase, decrease, or stay the same depending on other factors 

Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 

• complements
• substitutes
• inferior goods
• resources

A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in

• market size
• price of a substitute good
• price of a complementary good
• tastes and preferences (popularity)
   

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

• increase
• decrease
• not be affected

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Population (Change in the number of buyers)