Demand and Supply

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

• The price will go up.
• The price will go down.

the price at which a good is bought and sold in a market equilibrium is called

• retail price

• equilibrium price

• discount price

• base price

When the demand curve has shifted to the right, this suggests demand has

• increased

• decreased

• quantity demanded has increased

• quantity demanded has increased