Review of Demand

Ms. Allen used to drink two cans of Coke every day. Over time she started to drink more water. As a result, what happened to her demand for Coca-Cola?

• Increase

• Decrease

Which of the following is NOT a determinant that causes demand to change?

• Change in substitute goods

• Change in tastes/preferences

• Change in price

• Change in income

What is being illustrated in the image?

• Increase in demand

• Decrease in demand

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)
   

An decrease in demand for iPhones in Hong Kong could be caused by a(n)

• increase in price for Samsung Galaxy
• increase in population in HK
• the price for iPhones is expected to increase next week
• the price of iPhone apps increased

The law of demand states that as the price increases then 

• quantity demanded increases
• quantity demanded decreases
• demand increases
• demand decreases

Donald Trump has been elected and the demand for US tourist visas has decreased because of

• market size
• expectations of future prices
• income
• popularity (tastes and preferences)

The demand for a(n) ___ increases as money income increases- that is, the demand curve shifts rightward when consumer income increases.

• normal good
• inferior good
• superior good
• declining good

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.

What caused this to happen?

• Decrease in income
• Increase in Income
• Increase in price of substitute
• Decrease in price of complement