Demand (Chapter 3)

Demand Curves

• slope upward from left to right

• slope downward from left to right

• show a positive relationship

• slope downward from right to left

Which of the following could increase demand for a good?

• higher birthrate

• increased immigration

• higher prices in the future

• all of the above

In economics, demand means

• willingness and desire to buy a good

• willingness and ability to buy a good

• ability to buy a good

• willingness to buy a good

If the number of buyers in the market increases, which of the following will happen?

• The supply in the market will increase

• The supply in the market will decrease

• The demand in the market will increase

• The demand in the market will decrease

What will happen in the car market if consumers expect higher prices in the near future?

• The demand for cars will decrease

• The demand for cars will increase

• The supply of cars will drop

• The demand for cars will not change

A change in quantity demanded can be caused by

• income

• preferences

• price

• price of a substitute

If a decrease in income increases the demand for a good, the good is

• inferior

• normal

• a complement

• a substitute

What is a demand schedule?

• A graph that shows how much of a product a person is able &willing to buy
• a table that shows how much of a product a market is willing to buy
• a graph that shows how much of a product a market is willing to buy
• a table that shows how much of  product a person is willing&able to buy

What is the law of demand?

• When prices go down, demand increases;whe prices go up, demand decreases
• when prices go up, demand increases;when prices go down, demand decreases
• when prices go down, quantity demanded increases;when prices go up, quantity demanded decreases
• when prices go up ,quantity demanded increases; when prices go down, quantity demanded decreases

Which of the following categories is most likely to have inelastic demand?

• goods that have many substitutes
• goods that have many complements
• goods that have no substitutes
• goods that have no complements