Quiz #6 - Intro to Demand

The amount of a good or service that a consumer is willing and able to buy at various prices

• Quantity Supplied

• Demand

• Supply

• Shortage

The law of demand states that, the higher the price of a good, the less people will demand that good

• True

• False

• None of the above

• Peace and love

The law of demand states that as the price increases then 

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

What is the only factor that does not shift or change demand, it only causes movement along a stable demand curve?

• population

• income

• price

• tastes and preferences

The amount of a good or service that consumers are willing and able to buy at a SPECIFIC PRICE

• Demand
• Quantity Demanded
• Supply
• Quantity Supplied

When the price of something increases, the quantity demanded ___?

• decreases

• reverses

• increases

• remains the same

What would not cause a change (shift) in the demand curve?

• a decrease in the salary’s of the population

• a change in popularity of the good

• a change in price of the good

• an increase in the price of a substitute good

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

The law of demand refers to how

• demand changes when people's incomes change
• demand changes when the prices of substitutes and complements change
• the quantity demanded changes when the price of the good changes
• the price of the good changes when people's demand for the good changes

Does price have am impact on your demand?

• Yes

• No